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Results tagged with Search options user 5760

This tag is to be used for any question pertaining to gifts received and taken and applicability of taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country. Related tag is "income-tax" for question related to income.

1
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Completing the first Form 709 is straightforward, later ones are slightly more complicated since you need to look back and write down how much of your exemption you have already used up in previous ye …
answered Mar 28 '18 by Dilip Sarwate
16
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As littleadv points out, $13K can be given to each person per year without having to pay gift tax (or even file a gift tax return). So perhaps as much as $52K might be shielded from gift tax this yea …
answered Apr 9 '12 by Dilip Sarwate
11
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In the US, gift tax always falls on the donor, never the recipient, and gifts are not taxable income to the recipient. The IRS could raise questions if there is an employer-employee relationship betwe …
answered Apr 23 '14 by Dilip Sarwate
28
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Your daughter can give you (and also as many other persons as she likes, for that matter) $14K or less each year as a gift without needing to file a Federal gift tax return. She does not have to repo …
answered Oct 27 '14 by Dilip Sarwate
1
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If you are using normal banking channels -- wire transfers, bank-provided services such as Remit2India or Money2India, or even things like Xoom -- you should be getting a transaction receipt showing w …
answered Mar 21 by Dilip Sarwate
2
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First of all, in the U.S., no Federal gift tax has to be paid by the recipient of the gift; it is the donor who has to pay gift tax, if any is due. Nor does the recipient have to pay Federal income t …
answered Feb 5 '14 by Dilip Sarwate
4
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In India, gifts received from close relatives are not taxable income to the recipient, and your sister qualifies as a close relative; unless she is a distantly related "cousin-sister". A daughter of y …
answered Mar 2 '16 by Dilip Sarwate
2
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Most of what you "know" is incorrect. The third sentence of the first paragraph is mistaken; you don't need to file Form 709 at all. Any money that you transfer from the US to your NRE account in Ind …
answered Jan 24 '18 by Dilip Sarwate
1
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Your understanding is not completely correct. Property acquired during the course of the marriage is community property regardless of who is the owner of the account but property that belonged to you …
answered Jan 8 '18 by Dilip Sarwate