Questions tagged [gifts]
The gifts tag has no usage guidance.
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Transferring assets to child
I am a US citizen. I would like to transfer my financial institution account (with all assets) from my name to my adult child’s name. Can I do this and file 709 to show the value as a gift? What are ...
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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 ...
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Gifting Shares of a Mutual Fund - Tax Considerations
Let's say U.S. tax resident bought one share of a mutual fund back in 2010 for $100, and it is worth $200 today.
A) If they wanted to gift that share to family today, would they be liable for any gift ...
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When to report gifting an apartment to a child?
If one began the process of gifting an apartment (which is located abroad) to a child, on March 1 and it takes 6 months to get the apartment listed officially under the child's name,
When does one ...
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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 ...
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Is it possible to get a tax refund that for a gift that turns into a loan?
Sometimes, we may give money as a gift to a person, but then later they pay us back, sort of turning a gift into a loan. How is this handled tax wise?
For example, if the gift giver were to pay the ...
- 9,785
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Pennsylvania taxation on large monetary gift
I live in Washington State. I received a large, one-time monetary gift from my parents (>>$15k) who live in Pennsylvania.
My question is to ask if Pennsylvania taxes the giver of funds. Both ...
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Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?
Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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Income tax exemption on gifts given to parents in India
Assuming that if a person has a total taxable income of INR 20 lacs, and that person gifts his parents jewellery worth INR 2 lacs. Does the total taxable income of the individual reduce ? If yes, by ...
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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 ...
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Gift tax on receiver's side?
Due to a family thing, I want to give some money to one of my family members.
I don't have cash. I have some stocks, either I can sell my stock and give money or gift my stock worth the same amount.
...
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Trying to understand the difference in 2 scenarios of gifting property
I'm in the US.
I have 2 different scenarios related to gifting of a property and I'm trying to understand why scenario 1 feels legal and scenario 2 feels illegal. I can't put my finger on the ...
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Gift deed of property from British citizen to Indian father
I have a British passport and would like to gift a property in India to my Indian father ( I bought in 2010 while I was an Indian citizen). I am mobilsing funds to buy my first property in the UK. ...
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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? [closed]
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 ...
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What options are the for streamers to receive money without disclosing their personal data?
For a small streamer is there any way without having the need of opening a company to be able to receive money without disclosing their personal information like name and address?
I know some other ...
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