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Suich

(10,642 posts) Sat Mar 9, 2013, 06:25 PM Mar 2013

0

I have a legal question:

I can gift someone $10K or less every year without any taxes due. What if I gift a Canadian citizen $15K? Are taxes due on that amount?

TIA!

This is purely hypothetical. I was having a conversation with a friend and the subject came up. And I'm not "gifting" anyone!

8 replies

= new reply since forum marked as read

Highlight:

I have a legal question: (Original Post) Suich Mar 2013 OP

I think so BainsBane Mar 2013 #1

The maximum gift exemption is now $13K. The Velveteen Ocelot Mar 2013 #2

If you give me $15k...I promise not to tell.... Wounded Bear Mar 2013 #3

wow, you are really looking good these days, Suich Kali Mar 2013 #4

I stayed in a Holiday Inn Express last night... Earth_First Mar 2013 #5

No clue on the Canada thing, but I think the US level is up to $11K now. talkingmime Mar 2013 #6

I have no idea ConcernedCanuk Mar 2013 #7

I was going to say... zanana1 Mar 2013 #8

BainsBane

(53,035 posts)

1. I think so

Reply to Suich (Original post)

Sat Mar 9, 2013, 06:32 PM

Mar 2013

because the tax is on you, not on the person who received the gift.

The Velveteen Ocelot

(115,735 posts)

2. The maximum gift exemption is now $13K.

Reply to Suich (Original post)

Sat Mar 9, 2013, 06:40 PM

Mar 2013

Wounded Bear

(58,670 posts)

3. If you give me $15k...I promise not to tell....

Reply to Suich (Original post)

Sat Mar 9, 2013, 08:02 PM

Mar 2013

Kali

(55,014 posts)

4. wow, you are really looking good these days, Suich

Reply to Suich (Original post)

Sat Mar 9, 2013, 08:43 PM

Mar 2013

I would be more than glad to accept that money and find out. In the interest of information, of course.

Earth_First

(14,910 posts)

5. I stayed in a Holiday Inn Express last night...

Reply to Suich (Original post)

Sat Mar 9, 2013, 08:47 PM

Mar 2013

talkingmime

(2,173 posts)

6. No clue on the Canada thing, but I think the US level is up to $11K now.

Reply to Suich (Original post)

Sat Mar 9, 2013, 09:35 PM

Mar 2013

ConcernedCanuk

(13,509 posts)

7. I have no idea

Reply to Suich (Original post)

Sat Mar 9, 2013, 10:29 PM

Mar 2013

.
.
.

but if someone gifted me 15k

I'd be happy to pay the tax

zanana1

(6,122 posts)

8. I was going to say...

Reply to Suich (Original post)

Sat Mar 9, 2013, 10:37 PM

Mar 2013

If you gift someone from New Hampshire 15K, I'd pay the taxes.

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