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

Questions tagged [gifts]

79 questions
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Friends come with hat in hand, but I don't think it will help

I have two friends, a married couple with a ~1yr child. Shortly before they had the child, they moved in with his grandparents. The grandparents are apparently unwilling or unable to care to the child, so the father quit his job and became a…
Brian S
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I'm giving my car to my sister. Should I gift it or sell it?

I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift to me from our dad anyway, so I suffer no real…
hairboat
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How can I gift $41,000 to my friend anonymously? (Australia)

We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his home address, BSB/account number, phone number &…
Ally
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I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back?

I'm writing to ask a question about gifting my fiancé a down payment for the home we currently live in and bought. So when I gave her 14,000 for the down payment of our home we were engaged. At this time two weeks ago she told me she doesn't love…
richey anglin
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6 answers

Reporting monetary gifts as a waiter/waitress?

As a waiter/waitress, if I received money from a customer and he/she specifically said that this is not a tip, but a gift, do I need to report it at the end of the night to the restaurant? Do I need to report it on my tax return? According to the…
Michael
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Considerations when providing money to one child now, and the other later?

I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would therefore like to pay off his mortgage and ask for…
user432
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5 answers

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

I want to buy a new house for my dad. I will pay all cash. No mortgage. Small $300,000 house. As a gift. We live in AR. Ideally, I want this to be a surprise. I was thinking to buy a house in my name and only then bring him over, give the keys, then…
sojffvjbv
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Do inbound gifted monies require a credit unlock?

My credit has been frozen for the last 20 years and I unfreeze when necessary. I am being told that I need to unfreeze my credit in order to receive these funds. Why would my credit need to be unfrozen to receive funds from someone's pension?
Matthew Long
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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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1 answer

Gifting $10k to my 17 year old nephew

I am very close with my nephew, and I've been saving a little bit here and there throughout his life to give him before college. I now have about $10,000 in my investment account earmarked for him. I'm trying to think through all the options (and…
Steve D
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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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3 answers

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

I have a good friend who I attended university with in the past. (in the US) I happened to get to know that they were having some money troubles, and I wanted to provide some assistance as a gift, but I would rather they not know it was me, to avoid…
Rboreal_Frippery
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Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as I am worried that IRS will consider it a taxable…
Ray
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How do you make sure your child's birthday party doesn't break the bank?

I've been to childrens' birthday parties that clearly cost in excess of $500 when the price of the venue, activity, food, cake and loot bags are factored in. I don't want to spend a lot in order to ensure my child feels like a million bucks on her…
Nat_Rea
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Investments as Gifts

When I was little my grandparents gave me several gifts of small savings bonds that matured while I grew up. It was a small gift that grew over time and taught me a little about finance. I'd like to do the same for my nieces but apparently now it's…
Steve
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