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121 votes

How can I gift $41,000 to my friend anonymously? (Australia)

Use a Lawyer To ensure the legality and anonymity of such a transaction you should be able to use a lawyer as an intermediary without revealing your identity to the friend. Contact a lawyer and ask ...
StephenG - Help Ukraine's user avatar
75 votes
Accepted

Considerations when providing money to one child now, and the other later?

Loaning money to close relations tends to end poorly. You are better off not loaning your older child money. This solves all your issues except for one. You mention that your cash savings are ...
Pete B.'s user avatar
  • 76.7k
51 votes

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

In common-law jurisdictions (e.g. the United States but not Louisiana) there is the notion of a “gift in contemplation of marriage” (Google that phrase). The most common case for this is an engagement ...
Pete Becker's user avatar
  • 5,502
47 votes
Accepted

Reporting monetary gifts as a waiter/waitress?

Would a rose smell as sweet if you called it a stench blossom? Excerpt on gifts from an LBMC article: The payment must be in the nature of “something for nothing.” It is not a gift if the ...
Hart CO's user avatar
  • 70.5k
46 votes

How can I gift $41,000 to my friend anonymously? (Australia)

Frame Challenge (idk if that's a thing in this SE, but I think it should be in this case) You're concerned your friend won't accept the money if he knows it is from you, how do you know he'll accept ...
TCooper's user avatar
  • 660
43 votes

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

IANAL, of course, but: It really depends on the jurisdiction. Since you did not mention the country, I will assume Slovakia. You can indeed require to return the gift, but basically the only option is ...
Radovan Garabík's user avatar
41 votes

Do inbound gifted monies require a credit unlock?

It wouldn't. This sounds like a scam. Especially since you haven't explained why anyone else's pension would be sending money to you.
keshlam's user avatar
  • 47.6k
28 votes

Does IRS count paying mortgage principal as taxable income from family?

Gifts are not taxable income to the recipient. In the US, gift tax is paid by the giver, not the recipient. However, there is an annual gift exclusion amount (currently $15,000/year). Any gifts under ...
Hart CO's user avatar
  • 70.5k
27 votes

Considerations when providing money to one child now, and the other later?

I tend to follow the Keep It Simple, Stupid principle. Next year at the same time when I give my college student daughter some money for a car, I'm going to give her brother an equal amount of money. ...
RonJohn's user avatar
  • 50.7k
23 votes

What is the most tax efficient way to give a real estate gift in Arkansas?

I wouldn't give him the house at all. I would simply tell your dad you bought the house for him to live in rent-free. Keep the house in your name. This sounds counterintuitive, but I have a really ...
Machavity's user avatar
  • 2,344
20 votes

Reporting monetary gifts as a waiter/waitress?

Q: If I call a tail a leg, then how many legs does a dog have? A: 4. You can call it whatever you want, it's still a tail. The scenario is nonsense. There is a quid pro quo, the waitress served the ...
JTP - Apologise to Monica's user avatar
18 votes

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

It seems you are unclear on the definition of "gifting" if you are expecting to be entitled to get it back when things go sour. That's not how gifts work. Did she have any reason to believe ...
JohnFx's user avatar
  • 53k
18 votes

What is the most tax efficient way to give a real estate gift in Arkansas?

Besides the discussion of gift taxes which have been handled by other answers, there is an additional consideration. Giving your parent a house could cause issues related to their retirement. If they ...
mhoran_psprep's user avatar
15 votes

Considerations when providing money to one child now, and the other later?

If you want to be fair then be fair. It sounds like you wish to gift this money so offer it as a gift. Hi kids, I have an extra £xyz lying around so I would like to give each of you half. If this ...
MonkeyZeus's user avatar
  • 8,473
12 votes

Considerations when providing money to one child now, and the other later?

can promise the same cash amount later, but how do I financially value the benefit my son gets now? I suppose your question is outlined above. You want to give money X Amount to your son now and same ...
Raj's user avatar
  • 3,492
9 votes

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

Although you call it a gift, there is a useful.concept on contract law, about implied terms and understandings. In many juridlsdictions, a judge will ask themself a question something like this: You ...
Stilez's user avatar
  • 2,596
9 votes
Accepted

Gift tax on receiver's side?

the receiver is a rich person who earns more than 100K. So does he have to pay tax even if my gift value is less than 14K just because he is rich or he earns more? In the United States, gift taxes ...
RonJohn's user avatar
  • 50.7k
8 votes

Reporting monetary gifts as a waiter/waitress?

I worked in the service industry for over 10 years and this came up every now and again. Mostly in hypothetical situations. I'm not a tax expert, but my general understanding is that it is viewed ...
Keith's user avatar
  • 1,472
8 votes

Considerations when providing money to one child now, and the other later?

The reason this is so confusing is that 3 different forces are acting on this mess at once. Giving a gift to one child (and not the other) Lending money to one child (and not the other) Investing ...
Harper - Reinstate Monica's user avatar
8 votes

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

There is no requirement for your girlfriend (or anyone else) to return any money that is given to them as a gift. However, depending on where you live you could be in what is considered a de facto ...
Jerome's user avatar
  • 518
7 votes
Accepted

How can I gift mutual funds to my 1 year old nephew?

One common type of account is called a Uniform Transfer to Minors Act (UTMA) account. Under this type of account, the money is held in the child's name for tax purposes, but the account is under ...
Ben Miller's user avatar
  • 116k
7 votes
Accepted

Receiving $30k from mother for house down payment

Your mother can give you $14k and your wife $14k (every year) without creating a gift-tax filing requirement, anything in excess of that and she will have to file form 709 with her tax return, but she ...
Hart CO's user avatar
  • 70.5k
7 votes
Accepted

Helping friends pay for a party

There’s no need to set up a business for this. Gifts between friends are, to a first approximation, tax free; the only thing would be that if your friends then died within 7 years the gift would form ...
Vicky's user avatar
  • 24k
7 votes

Does IRS count paying mortgage principal as taxable income from family?

Highlights from an IRS.com article, "Here are 7 things you should know about the Federal gift tax": 1. Gifts to Family Members Count The gift tax and exclusion limit (below) apply whether you ...
Bob Baerker's user avatar
  • 76.6k
7 votes

Gift tax on receiver's side?

I can sell my stock and give money or gift my stock worth the same amount. If I sell my stock I have to pay tax, means I have to sell more stocks. Instead I want to gift my stock and it can be sold ...
mhoran_psprep's user avatar
7 votes

Do inbound gifted monies require a credit unlock?

While I agree that this sounds like a scam, and should be handled with great caution (and liberally consulting your bank authorities), it is faintly possible that your own bank will tell you that ...
arp's user avatar
  • 351
6 votes
Accepted

UK Cash Gift Amount

I think you have things slightly backwards in your head. The £3000 gift exemption is not yours, it is theirs. TL;DR: In no circumstances would you have to pay out money as tax on the gift after the ...
Vicky's user avatar
  • 24k
5 votes

How may I gift/send money to a friend anonymously?

The biggest issue is that you have to get money to them while not looking like a scammer. If you send them a check they may think it is a scam. If you try a money order or gift card the risks are even ...
mhoran_psprep's user avatar
5 votes
Accepted

"Gifting" a house to a family member

According to gov.uk: You must tell HM Land Registry when you change the registered owner of your property, for example if you’re transferring it into another person’s name, or if you want to ...
Michael's user avatar
  • 10.2k
5 votes
Accepted

How do the taxes work when selling your ownership of a house and then gifting that money to your child?

She can apply the money she's gifting you to her lifetime estate exemption (which will be really high in 2018). It'll just require her to file Form 709 with her taxes.
RonJohn's user avatar
  • 50.7k

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