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2

You have asked a rather long and complex question. The only time you have to worry about gift tax is if there is a completed gift. Hence, if you put money into a revocable trust for your child there is no gift tax. However, if you put money into a irrevocable trust for your child then there could be gift tax issues. If you give somebody a gift of $1 and it ...


4

Further down on the same page you link in the question. Any Inheritance Tax due on gifts is usually paid by the estate, unless you give away more than £325,000 in gifts in the 7 years before your death. Once you’ve given away more than £325,000, anyone who gets a gift from you in those 7 years will have to pay Inheritance Tax on their gift. The £325,000 ...


3

You'll need to talk to a lawyer about this, but the ownership is on the transfer deed to the house. So the seller will sign a deed that says something like "To Andrew Jordane, 92% owner, and to Andrew's Brother and his wife, 8% owners as community property". Anything that's not explicitly written on the deed may be an agreement between you and your ...


0

I understand if she lives there, without paying fair market rent, that’s considered a gift that I would have to report (assuming fair market rent exceeds 15,000/year). There's no "deemed rent" rule such as that. There are a couple of court cases related. Wineman v. Commissioner, T.C. Memo. ¶ 2000-193 (2000) dealt with commercial property (a ranch)....


20

There is no gift tax in Canada. Neither the giver nor the receiver have to pay tax on a gift (unless it's from your employer or something similar). There are a number of rules around income attribution preventing couples from doing unauthorized income splitting, but none of them apply here. You can pay whatever expenses of your wife's you like. You can pay ...


0

Moving your own money from your left pocket to your right pocket is not taxable; be it literally or symbolically. If you move it internationally, each country could have reporting requirements, and could get interested in the legality of the money’s source - but not for tax reasons.


5

No, it is not. There's no tax on transferring your own money between your own accounts in the US, and to the best of my knowledge in the UK neither. You do need to be aware of the reporting requirements though (In the US: forms 114 and 8938).


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