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Old 10-03-2014, 05:23 PM
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Gift taxes

Hi,

My sister received a gift from my father ( she is planning to use some of it as tuition fees). As soon as she received it, she transferred it to our joint account. Also, I received a gift (also from my father). Both gifts are over the gift limit (I think 13000$). I am planning to declare this gift in my tax return. However, do I need to pay tax on the gift I received or on both of them? The same question for my sister?



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Old 10-05-2014, 03:21 AM
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Join Date: Oct 2010
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Quote:
Originally Posted by MarkMar View Post
Hi,

My sister received a gift from my father ( she is planning to use some of it as tuition fees). As soon as she received it, she transferred it to our joint account. Also, I received a gift (also from my father). Both gifts are over the gift limit (I think 13000$). I am planning to declare this gift in my tax return. However, do I need to pay tax on the gift I received or on both of them? The same question for my sister?
My sister received a gift from my father ( she is planning to use some of it as tuition fees). As soon as she received it, she transferred it to our joint account. Also, I received a gift (also from my father). Both gifts are over the gift limit (I think 13000$). I am planning to declare this gift in my tax return.==>NO; YOU, AS A done, do not have to report the gifts on your return neither does your sister; however, any interest income generated from the deposits(as you deposited them in your bank acct) need to be reported on your return as interest income.if you are a nonresident alien of US, then you donot even need to report your interest income on your return.

However, do I need to pay tax on the gift I received or on both of them? ===>>Correct as mentioned above.
The same question for my sister?=> Exactly



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