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Subject Author Date
gift giving - grantor tax relief researcher 03-27-2008
Posted by Ernie Klein on March 28, 2008, 6:07 pm
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> Ernie Klein wrote:
>
> > When the receiver of the 'gift' sells the stock he will have $6000 of
> > capital gains tax to pay (he received $18000 of stock with a basis of
> > $10,000).
>
> Typo, right?

Yep.


> (BTW - I've moved stock along with margin debt in just this way. Each
> broker may have his own rules.)

That's interesting. How did you do it - just transfer the account to a
different name?

I assume you didn't transfer it to a different account with a different
broker.

--
-Ernie-

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Posted by removeps-groups@yahoo.com on March 28, 2008, 9:21 pm
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> Are you thinking of the $12,000 exclusion from gift tax? That is an
> exclusion for the _giver_ of the gift, not the receiver, who is _never_
> subject to the gift tax, no matter how large the gift.

I think the receiver of the gift may have to pay gift tax if the giver
is foreign. Will need to check.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by removeps-groups@yahoo.com on March 30, 2008, 3:15 pm
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On Mar 28, 6:21 pm, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:

> I think the receiver of the gift may have to pay gift tax if the giver
> is foreign. Will need to check.

Did some research. I can't find anything that the receive of a gift
from a foreign national has to pay tax. They do have to report the
gift on form 3520, and if they don't there will likely be penalties up
to 25% of the gift. Some sites said the gift has to be reported if
over 10k, and some sites said 100k.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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