Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [gift-tax]

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.

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.

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Taxes when transferring money

I'm a US taxpayer (non-resident alien) and I'm being pushed by a friend to do the following: He will transfer 40k from a US bank account that he owns to my personal account. I will withdraw this amount and hand it back to him in cash. He will take…
jlhonora
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I am a Canadian resident who wants to gift my Adult US child CAD$175K. What are the tax implications?

I am a Canadian resident who wants to gift my adult US child $175K Canadian. What are the tax implications for the US resident who resides in California?
ABranden
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How could George Clooney have paid his friends' taxes?

According to an article published today in several media outlets including Fortune magazine, George Clooney once gave 14 of his friends $1 million dollars cash. The article also claims that Clooney paid the taxes on all of it so his friends could…
CodyBugstein
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I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with money I inherited from her. Must I be report these…
D Barrow
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Do I pay gift taxes in US, if I send money (>$15000) to my father in India?

I am in the US on F1 visa - OPT, I need to send money to pay off my student loan in India. I have already sent about $25000 to my dad, who has paid it to the bank for my student loan and I am planning to send about $15000 more for the same…
user63762453
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Can you gift someone money for purpose of investing to avoid capital gains upon inheritance?

After reading through information on capital gains tax and estate tax, I read that a heir of an investment does not have to pay capital gains on that investment. That is it's transferred free and clear as long as it's under the $11.2 million…
Travis
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Dad gifting me a house for 2 years, how to deal with taxes?

My dad is moving to Florida. He loves the house he has in New York. He wants it to stay in the family but I can't quite afford the mortgage yet. I have a wealthy cousin who said he'd hold the NY house for us for 2 years by purchasing my dad's house…
Phil
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Tax implications of paying someone else's medical bills

If I wanted to help pay a significant sum towards an extended family member's (in-laws) medical bills, would that be subject to any kind of gift tax or similar? Just for an example say I wanted to pay for $50,000 towards their medical bills. My…
Cory Kramer
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Father wants to gift child with approx $200k. Smartest way from USA tax perspective?

The father would like to find the best way to help his (~40 year old) daughter with approximately $200k in home loans. Without (yet) seeking professional advice, he has loosely considered: Gifting her the money. Loaning her the money at 2%…
quux
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If I repaid a monetary gift, is still considered a gift by the IRS?

My mother lent my husband & me $200K to close on our new house, but our mortgage broker made her sign a letter declaring the $200K a "gift," since he was concerned that our home loan wouldn't be approved otherwise. Three weeks later, we repaid the…
Maria
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Is it a gift or not?

IRS rules are not always black or white, and something that I find myself struggling with is what is considered a gift. Hypothetically, suppose I am moving soon and have a broken leg so I cannot do it myself, or even assist. I get a quote from two…
TTT
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How to avoid having my father's down payment assistance get taxed as a gift

My father has offered to pay up to $70k towards a down payment on a condo for my wife and me. I understand that gifts of over $13k get taxed pretty heavily. Is there a way to avoid this when it comes to him helping with the bulk of the down payment?…
maxedison
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How should my daughter give me money. Do I need to report it?

I am from Texas. My daughter wants to give me about $13,000. What is the legal way of getting that money and do I need to report it on my income tax? My state does not have state income tax, only federal. I do not have a job in the current year, I…
user206168
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Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place for cash). Should I do this or not? I will still…
David
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When funding a trust does the gift tax exemption apply?

I'm researching setting up a bypass trust with my spouse. When I fund the trust, do the funds/property that I put into the trust count against the annual or lifetime gift tax (a.k.a. transfer tax) exemption amounts?
Spig
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