You have to file an income tax return for Whether you have to pay taxes, is another questions. Kommentar von Regina M Kommentar von Anuj Gupta Hello All, I am an Indian citizen living in Germany since Jan , during all these years i have been actively investing my income earned and taxed in Germany in various assets like real estate, life insurances and mutual funds in India. Now I am considering making Germany as my permanent base, hence would like to bring all my assets like money from various investments like real estate etc from India to Germany. To do so which all taxes or documentation should i keep in my mind.
Your help will be really appreciated. Thanks, Anuj. Kommentar von Prathyusha chatta Hello , I am a dependent on family reunion visa. I am not yet working. My husband pays for my German language learning course and also the travel expenses for it.
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Are these expenses are claimable on tax? Kommentar von Kay I receive a wage-loss replacement in Canada, but am a permanent resident of Germany, where I don't receive any income, but my husband does. I paid taxes on this income in Canada for the last 4 years, but I am now considered a non resident. Do I have to pay taxes on this income in Germany and if so, do I have to pay it back to the year I came to Germany?
Residing and Working in Germany and salary taxable in Germany by the employer. Vorsorgewohnung in Austria generates rent income. How to calculate the rent tax and where to pay it? In Germany tax excempt. However, it has to be declared in the German income tax return since it has an effect on the German income tax rate.
Kommentar von Igor My family was in Germany during one month as a turists. When we were going back home we had a law to return taxes. But it is not organized in Dusseldorf airport and i can provide you with all details. To check items for the tax free refund we have to register to the flight at first.
It took minutes to stay in line to register. We were before chekin started. So we had 2 hours for all. We have to go for checking goods we bought to the officer. We staid in line minutes. There were just 2 officers with no time limitation as passagers. We have goods for more then euro with the price for children euro and few items euro. So checking every item is about 20 minutes. For the Handy bagagge tax refund i had to go to check in other place with a new line. I needed the time for airport control and for the passport control.
If you use arifmetick which is before university education you can easily understand that it is impossible to return taxes in Dusseldorf airport. This time i was in tax control when i had just 1 hour to go to the flight so i made a decision not to return taxes just to be on time to flight. I was right because my family run to be on time to the flight.
And it was without checking handy bagagge so i am sure this process is not orginized. You can use airport video to check this process from registration untill boarding and i will give you permission to check it. I often travel and i know how it has to work. It is not orginized in Dusseldorf airport. We dont steel money we return it by the law. Please provide me organisation name which is responsible for this process i would like other people are not so sad about their money. To use professional advisers is in general quiet expensive.
The refund must be substential in order allow an employment of such a person. Kommentar von emmanuel Kommentar von Nadine I am a German citizen, worked in Germany and moved to Mongolia Abmeldung 6. Under a special agreement with the Mongolian government, my wages here are tax exempt. I do not pay tax here. How do I declare this in Germany? Do I even need to declare this tax exempt income in Germany.
Can Germany tax my income although it has been declared as tax exempt here? If you are not tax resident in Germany any more you will not be taxed here. Kommentar von KT I am permanently employed outside of Germany in Asia. I expect to work in Germany for approximately 35 days and to stay in Germany for 45 days including the weekends during Do I need to pay individual income tax in Germany for such a short period? Kommentar von George Yiu My wife works in Germany now. I plan to reunion with her in July this year and stay in Germany as resident.
I am now working full time in Hong Kong and will work at home when I move to Germany. Kommentar von Anastasia Lavrenko I have lived and worked in Germany for 7 years and moved to New Zealand in June where I've been employed since. Where do I specify that? Thanks in advance!
Kommentar von Kiran I expect to work in Germany for 30 days including the weekends during My stay will be in dusseldorf, I don't have residence in Germany Indian Technology Analyst in software engineer. If you are not resident in Germany and work only for 30 days business travel there are no tax implications. Kommentar von Adriano I am a German citizen but I never lived in Germany, only for vacation. I have savings in bank abroad, that I will use to maintain family there till I find a job.
Do I need to pay taxes over my savings abroad? Expatriates: 10 tax issues to be considered in Germany Einen Kommentar schreiben Kommentar von G. Fj We filed and paid Germany income tax each year. Antwort von Peter Scheller Yes, but if you do not have any income and therefore do not pay taxes it is irrelevant. Antwort von Peter Scheller To use professional advisers is in general quiet expensive.
But check with a tax preparer if you want to be certain. Draw up a couple of simple gift letters from each of you, and have your brother-in-law sign each to establish a clear paper trail. Hi Michell — You might want to offer a copy to the bank for their records, but they might not even want it. Just be sure to keep the original for your records in case the IRA asks for them.
I am receiving a car as a gift from the family of someone I was a caregiver for. Do I have to claim it as income? Or pay taxes on it? Hi, My son lives in California, an american citizen but I , his mother live in India. Indian Citizen. My Country allows me to gift any amount to my child , and there would be no gift tax in India, where i file my taxes? He will have to file IRS Form in order to report the gift, but there is no tax involved.
If my wife, who is a permanent resident in America, inherits money that gets reported to the IRS on form and she uses 35, of that to pay some credit card bills and personal loans of mine is that money considered a gift? Must I report it to the IRS on my taxes? She does have to file the receipt of the gift on Form , but it is an information return, and not a requirement to pay taxes. Is their a form or letter to give to the receiver when I gift them?. Better idea — get a format from your accountant. For the most part though, I think you mostly need a copy of the canceled check.
I will be renting it out since I currently live in California. Will they need to file form to avoid paying taxes? Since I will be renting it out, do I pay taxes on the monthly rental under Texas tax code or California? Hi Tiffany — Your parents will have to file Form You will need to consult with a tax expert who is familiar with income taxes in both California and Texas. As to Texas, there is no state income tax, but they may impose a tax on investment income, like rental income.
My parents have K they want to give me all at once. Do they need to fill out form in order not to pay taxes and apply the 86K towards the lifetime gift tax? Also, mom and dad can give me a total of 28K annually without paying taxes. Given the amount of money involved, your parents filing the should get the job done. If so, how would I go about it? The check has their living trust, and both their names on it.
Am I right to worry, or are they covered? One other important point regarding gift splitting is that for it to work, each spouse must consent to splitting of the gift. My son has recently started his own business which he set up as a member based LLC. I want to be sure neither of us have any penalties and he receives the most benefit from this gift. Hi Jennifer — You can gift it directly to him, and there will be no tax liability for either of you.
Hi Jeff, We want to gift our son money toward a vehicle purchase. We also have a plan that we established many years ago and are using it for his college tuition. We have not put any money in this account this calendar year but will be accessing money from it for his college expenses. Does the college money apply to the gift exclusion amount this year?
Hi Joan — I think it does. But you can gift to both your son for the car and for the by filing form with the IRS. That will eliminate any tax liability that you might incur. If my mother gives a gift of into a joint account I have with my husband, would it be considered a gift to the both of us? It should be fine Teresa.
We would like to temporarily loan interest free , to my daughter for down payment on a house with 30 day escrow. Their cuurent house is in a 60 day escrow so will need money for down payment on new home. They will repay as soon as escrow closes on their current house. Do we have to worry about gift taxes or other taxes? Not to scare you, but that can have some serious reprecussions. The gift giver pays, not the recipient. Consult with a CPA if you have any questions. Great information Jeff! All the children are under 12 years old.
I would prefer to just have a single account for all this money if possible. You should go the extra mile just to protect them. Also, please make sure you make copies of any documentation related to the transfer, including the checks. More documentation is always better. My husband is self employed. How can she gift that to us without filing a form? Do we have to wait until for the balance.
Thanks so much for any advice. The gift giver pays the gift tax, not the recipient. Nice website. I have similar questions to those that have already posted. She is selling the home and plans to repay after closing. Will the notes be satisfactory to the IRS for her repayment? She plans to repay in whole at once. Please confirm that there will be no tax implications of she gifts the money back all at once as long as she files a Form You may want to do a consolidation note that provides the full amount of the loan since the money will be repaid in a lump sum , but itemize the individual loans made along the way.
That will eliminate confusion, particularly on audit. He plans to wire transfer the full amount directly into the escrow account set up by the title company. Is it okay to make the wire transfer in the full amount of 28k into the escrow account and say that it represents 14k for me and 14k for my wife? Would that fly with the IRS, or would my father need to make it clearer that the gift is split by, for example, writing two checks for 14k in each of our names?
Make copies of the checks before you deposit them, and also copy the deposit ticket and the bank statement, and set it in your permanent tax file. That will give you a very specific paper trail in case of an audit. The gifting is necessary because real estate is involved and the debt to loan ratio would be exceeded if the K were a loan. Hi MA — You have a bit of a conflict here. Hello, my best friend just got her trust and is going to gift me a million dollars will the IRS audit me when I deposit it into my account and will they take taxes out as well?
Hi Rita — The tax liability will be on your friend, not on you. You may hear from the IRS, since your wealth will have increased dramatically with no taxable income to explain it. What would be my capital gain tax be? Sales of converted investment properties are complicated. That said, you need to know the adjusted cost basis of the property both when you first bought it, and the fair market value when it was converted to a rental property.
If the house is sold at a gain, your tax basis is your adjusted tax basis on the property at the time of the sale. She wants to gift it to her children, it is 2 of us. I expect to pay the capital gain tax. Hi BB — How you have spelled it out is correct. You can keep or sell the stock, and if you sell it there will be no tax consequence for her. As the recipient of the gift money, she has no tax liability. He has already sent 14k to the lender directly and 45k is owed. He just transferred me 28k, from him and his spouse, in stocks so I could cash them in and pay to my mortgage company.
Our dilemma is that he was going to send me a check to deposit for the remaining 17k. My mortgage company is saying they need gift letters for this which would make him go over the 28k from him and his spouse. Is there any way around him having to pay taxes and I can pay the taxes? Also, do you know about the lump some of gifting 70k for 5 years? Hi Heather — Asking for a gift letter — as well as documentation of both the source and the transfer of gift funds — is standard operating procedure for mortgage lenders.
Your grandfather can give you the entire gift at once, and he can avoid paying gift taxes by completing IRS Form As recipient of the gift, you will owe no taxes. If I follow the same gifting process will I have any issues? But it might be simpler to just set it up as a loan from your parents, which you will repay within a few months. You can set up a loan note, which will be evidenced by the repayment. Do I have to pay a gift tax on that. Also, if I put the house in my name would that void out a gift tax!
No gift tax will be due. Sorry to piggy back off of this post, but I want to gift a car worth to a friend. I live in SC. The car is paid off. Will my friend have to pay sales tax? Will I get in trouble with the IRS since its more than my annual limit? Hi Brittney — In most states, sales tax is due any time you transfer ownership of a car. The real question is what value they will base the sales tax on. Can we show this gift in our tax filing which is married filing jointly?
Are you asking if you can deduct it from your income? I hope that answers your question. I want to run this scenario by you in order to have my mother avoid filling out the Form Can she do the following:. But as you point out, the mortgage lender may have an issue with the check being paid to your child.
I read about capital gains taxes. I talked with the tax man and the attorney. Do you foresee any problems with this? I live in Virginia. Thank you so much. What I do know is that when your mom gifted the property to you, she transferred her basis in the property. I THINK that when you gifted it back to her, the basis remained the same, so there is no tax consequence.
But this is why I highlight the theory aspect of your question — the back and forth in ownership creates complications and you need to work those out with professionals. I just want to be sure I have the correct understanding. The amounts I gift do not reduce my taxable income. On the flip side, the recipients of your gifts are not required to include the gifts in their taxable income. The gift was part of the acquisition cost, and your basis for the sale is determined by the agreed upon acquisition cost. Or maybe a combination of the two? Half that amount would be pretty fair.
They may recommend a split, where half is a gift and the other half is salary. The tax bite to you could be huge. You can Linda. To expand on this, what happens if a gift was given on Dec 27, check was deposited but not cleared by one or both banks until the following year? Hi Connie — As the donor, the date is determined by the check date. I bought a house during the housing crisis for a low price. It has always been their house.
They lived in it and made all payments associated with the house, house payments, property taxes, insurance, etc. I own my own house.
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I believe that the amount of the gift will be limited to the price that you agreed to transfer it to your daughter and son-in-law for. Since usually only children not their spouses inherit from an estate, do the gifts to married children count as double the advance? My husband passed away last month in February and I am beneficiary of life insurance. He wanted me to give our children some money. Can I give 56k to my daughter and son in law this year from my husband and I, or just 28k from me? Since the money will clearly come after his death evidenced by the fact that it comes from his life insurance , you could have an issue with the IRS on audit.
But can they do this? Check was written to me in My own thought is that you need to have the form completed by a CPA. Should the IRS come back later and decide that the gift was improperly reported, they could impose the gift tax plus penalties and interest. The amount of the gift is large enough that it could draw IRS attention and open up a series of questions.
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I live in Atlanta Georgia now. Will this be taxable? And will mortgage company accept this as a valid gift? The mortgage company will be a bit of a problem. If they have to cobble the money together from different sources, or if the source is unclear, the mortgage company will most likely not approve the gift. My husband and i have a joint bank account. My son is a minor and has a bank account as well but my name is there in his account too.
Banks sometimes require that checks on a joint account be written to both parties simultaneously. The paper trail has to be clearly separated. As far as the gift to your son, then back to you, again check with your bank as to the exact procedure. There may be limitations if it is a custodial account. His tax preparer will know what the form is, and how to file it.
A relative of mine has two adult daughters that are not dependents. Questions: 1 Who would the father list as the gift recipient on his gift tax form ? I understand the concept of wealth distribution here in that I can transfer large sums of money to someone else without either one paying extra. My question is does this tax rule also mean my own tax liability got smaller I. My bank must notify me that form is required? In addition, the money is transferring through a US based bank. But any amount over this will have to be reported on IRS Form , otherwise you will have to pay a gift tax on the excess.
Oh, and no, the bank will not notify you that you need to file Form And you will have to let him or her know about the transaction. A gift of equity is subject to the same gifting rules as a cash gift. Hi Sally — She should be able to. All she needs to do is to make the gift to the trust. She can then leave instructions to the trustee to distribute the funds to her son after her death. She should document the gift the same way she would if she were making it directly to a person keep a copy of the check and any paper work that establishes the gift.
I have a dear family friend that is retired and makes multiple donations a year. He basically gives every dimes he gets from his monthly retirement to friends and family. None of these places are charity organizations, they are just everyday people that he chooses to help because they have fallen on HARD times and chooses to help them.
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He lives very minimally, just so he can do this to help everyone. My question is … Is there away he can claim these donations? You can only claim charitable deductions for gifts made to organizations that are registered with the IRS as c 3 Non-profit Organizations. But he may be able to work that out. If he gives the money to a registered charitable organization who then gives it to the people he specifies, he will be able to give them money, and get a tax deduction from the charitable organization.
Have him discuss the idea with some of his favorite charities and see what they can work out. There may be another way they can suggest. Given his faith based purpose in giving, the charitable deduction may not be a deal breaker for him. Some things are more important than money, and laying up treasure in Heaven Matthew is one of them. Hi Brilliant — You can handle the filing of the any way that you want. A friend of mine wants to give me a monetary gift of half a million dollars. Do we still need to contact a CPA or can we proceed at our own in this arrangement.
There are thousands of articles that rehash the same information about gifting. Yes or No? I wish your article would state this. I wish you would explain exactly where and how gifting reduces taxes. Remember you are not writing to people who know how to use gifting. So far, I have found no articles that are much different than this one. All seem to use the same source and are dressed up slightly different with wide-ranging catchy headlines. Have you actually consulted a tax professional? I think this person is asking whether they can deduct a gift to their children from their income taxes.
The answer is no. Gifts to individuals are not deductible. The purpose of the gift tax reporting requirements are to prevent very wealthy people from escaping inheritance taxes by giving large sums of money away to other individuals in order to reduce their estates. Is this considered a gift and does the recipient have to know about it?
As a general rule, you could run into issues with the IRS if your actions look like a tax dodge of any sort. So my recommendation is that you discuss this with a CPA, and raise the issues that I have here. Also, could she make out individual checks for December but not cash them yet and again in ? What if she made out checks in but we still have not cashed them yet? The IRS could counter that the five large checks would be unlikely to be held for a full month or more without being cashed. Thanks for the response! Just one more question. I would need the taxes to come out right off the top.
Just trying to see which route would be best. You can take it as a reduction in your overall estate. You may want to look more closely at your state gift tax though, as some have lower taxable thresholds. Before you make the gift, be sure to consult a tax accountant or tax attorney!
I own a farm with 4 siblings through a Living Trust in Illinois. There are some siblings that have taken personal loans from the Trust and now it is time to settle on the loans. Hi Richard — Your question is very specific, and involves a living trust. Is there an attorney involved in the trust? If so, this kind of question should be directed to him or her. There may be complications beyond taxes and even involving taxes in this kind of arrangement. Your documentation and strategy will need to be very specific.
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I live in an area where there is no city transportation and have to walk to work and school and someone wants to gift me a car. That will make it an arms length transaction, and provide a paper trail for both you and the donor. The donor should get a tax deduction for the market value of the vehicle. I have both sets of grandparents wanting to gift money to myself and my 2 kids. Can each set of grandparents gift 14, to the 3 of us?
And since there are four grandparents, they can each make a similar gift. No tax consequences will be incurred in the transactions. Am I able to give my wife money from my k distribution to help avoid more taxes at the end of the year? Hi Charles — Doubtful. From an IRS perspective, you and your wife are seen as a single financial entity, so the amount of the distribution will be taxable no matter how you cut the deck. The distribution is from your plan, so the payment and tax liability will be assigned to you.
My advice would be to find some tax deductible way to use the distribution. For example, if you still have earned income, you may be able to make a contribution to an IRA. That will enable you to shelter at least part of it, though not directly. If you do consider this, discuss it with your tax preparer first.
It can be complicated. Hi Jeff, a few years ago when he lost his job, my husband went back to school. I paid for his tuition directly to the university using my credit card I have never paid interest though and I added him to my health insurance plan too. Do any of these expenses qualify for the marital deduction? If so, what form do we need to use and what would be the most advantageous filing status? An additional 14k is given to my mother who gifts 10k to my wife to keep and 4K to my sister in law to keep. Hope ur with me so far. Will any of us have any issues with gifting 14k in tax year?
Also, is there any steps you can take to receive the whole amount at once without being taxed or is this not possible? Hi Jeff — According to this article in the Wall Street Journal , yes, your mom can make a gift to your fiance, or even to a total stranger if she wants. There is a work-around for this however, but she will have to engage the services of a CPA to do it. Form lets you avoid gift taxes by using the amount of the excess gift to reduce your estate when you die. In the end, no tax is ever paid.
Does the gifting of money need to be done with a check of some kind or can it be done as cash with proper paper forms? Can this be gifted into a trust of some sort to be used or accessed at a later date without the recipient knowing what is taking place? Is it possible to do that? I would like ideas on protecting money assets from future long term care costs.
I thought gifting might be one of those ways but not sure if it is a good way because of the possible need for that money in the future for personal expenses that would be my responsibility. In regard to the secret gift, you can set this up different ways, but understand that a clear paper trail — including checks — is your best defense in the event of an audit.
It seems you should be able to do it in secret, such as by a wire transfer directly into the bank, but that would require specific cooperation from the recipients trustee. And yes, you can gift the money into a trust, but you will need to follow certain specific rules as provided by the trustee.
Now to the gift to your spouse. A married couple is seen by the IRS as being a single financial entity, not as a pair of individuals. To your last point about the possibility of needing to have gift money returned to you in the event you have a need, this gets messy. A better idea would be to set up an irrevocable trust for your own benefit. You need to discuss this thoroughly with a trust attorney, since you have very specific concerns as to how the money will be handled. The kids are minors ages 6 and 10 but do have their own savings accounts that are jointly held with their parents.
What is the best way to create an audit-proof paper trail? Thanks for your help! Checks can be dated December 31, , and January 1 The combined checks will make it look as if you exceeded the gift limits. My mom is trying to fund me for a down payment on a house. But I suspect your talking about a traditional IRA. I have an IRA, met all the requirements from father passing away. My wife and I planned to be low tax bracket.
Can any of this be distributed to our kids, for them to pay taxes on it rather than me? Can my mother gift her son and his wife 14, each and her daughter and her husband 14, each in total 56,?? If I gift someone money on Christmas and the check is not cashed until the following year, does it count against or ? Does the beneficiary pay taxes on it? As to the second part of your question, the bank account would be considered to be an inheritance, since it came as a result of the previous owners death.
Thanks, Jeff! Does that answer the question? Can my Mother gift 28, to my brother and his wife, and 28, to my husband and I in one year? Do checks have to be made out individually, that is split 4 ways? Hi Jeff, thank you for your article. It is very helpful. My question is a bit complicated. The house was transferred about 2 years ago to preserve the asset. The house is being sold now and my question has several layers to it. I am power of attorney over my brother for the sole purpose of selling the house I live closer to it , he lives out of state. He just recently married, within the past month.
When I go to settlement should the proceeds from the sale be put in his name or my name as his POA? He plans to gift me half of the proceeds or would it make more sense for us to just have the proceeds split at the closing of the house? Does this make sense? Also, a final question, can he and his wife both gift me in the same year if that is the better way to go about it?
I plan to sell the home to my son and his wife , and wish to sell it at the appraised price. I have 30, in stocks from a settlement. I am about to transfer to a university but the new amount that the settlement adds to my financial aid form disqualified me from recieving financial aid. If I were gift 14, to my brother, when would be the soonest I could gift another 14 to him?
However, my oldest daughter is a Canadian citizen. How do I work this so she does not pay taxes? Is there certain forms I would need to fill out? We want him to have this money now. What is the tax penalty we will face from the IRS? My father is very Ill and my family is debating placing him in a home care facility.
Can my father gift money to his 5 children prior to entering a home care facility or is that elegal? I understand the facility Will have all rights to his further income. If my parents received a Gift of Equity for a house from my Uncle, could they now give the Gift of Equity to me? My Grandson is disabled and lives with me. I am disabled also and get SSDI and a small pension from my past employment and I have to file taxes on my pension every year.
I am a US citizen. My mother is in India. Pl adv the tax I wl have to pay if I do so. Thank you Jeff for a nice article. I had a question related to gift taxes. Also, does my wife need to pay income taxes on this gift?
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How does this affect my tax situation if any? Could you please help me? What is the best way to have the money dispersed without being taxed improperly. Jeff, My partner orginally purchased my car due to credit issues. I was recently approved for an auto loan and paid of his loan inorder for him to transfer the title to me. Is this considered a sale? He is really giving me the car, but I want to make sure I follow the appropriate guidelines to avoid tax issues.
Can this be considered gifting or is this a sale? No profit was made and it was not the intention of this ordeal. Great article. Is there a form that we or they need to fill out? Jeff- my mother in law, age 82, just sold her house to come live with us. We are putting up an addition for her that is handicapped provisioned walk in tub, grab bars, extra wide doors, low counters. Is the best way to make this happen a 14k gift to my wife and a 14 k gift to me every year until we reach the cost? Is there a better way? What about if she dies before the total is reached?
She is in ok health now, and is fully ambulatory. Great article Jeff. My in-laws gave us some amount of money as their wedding gift and we really do not know how to file this. Make sense? Thanks, Chris. Have your daughter sign each gift letter to confirm it. You should not have to complete Form Discuss it with your tax preparer if you feel uncomfortable with the arrangement. My mother gifted me on several different occasions checks made payable to me in my name exceeding 14, I was not aware of the dollar sign figure for gifting. Is it a must to claim these monies on my taxes. Is there some type of agreement I can have him sign so that money will still be there for me over the course of the 6 years?
What are my options? My question is as follows. My question is we are planning to buy a house, my in laws would like to gift , to us. Does the same apply to gift equity? Gifts of equity are handled much the same as cash gifts for tax purposes. Your email address will not be published. Amended returns can not be filed electronically and must be sent by regular postal mail. It can take weeks for the IRS to process an amended return. How much can I make before I have to pay taxes?? I am essentially wondering which scenario is correct: Person A and B both have same job, same income, and work in two states.
Good afternoon, I live in Washington State. Hi Jeff, Thanks so much for the input. Thank you for your quick response!!!