QUESTION: i received 2 cheques of ten thousand each from aunts. how do i
report this on my income tax form? what information will i have to supply to
the taxaction department? my 3 siblings received the same. one aunt lives in
bc the other in washington.
thank you for any clairfication regarding the proper reporting of this
information...
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david ingram replies:
There is no gift tax for the giver or the recipient of a gift in Canada.
In the US, the recipient of a gift of any amount does not pay tax on the
value of a gift received "UNLESS" the giver fails to pay the tax.
In the US, one may give up to $11,000 per year to anyone, up to $100,000 a
year to a non-resident / non-citizen spouse and any amount to a US citizen
spouse. There is a lifetime limit but I will ignore that at the moment
because anyone close to the limit should have hired professional help to
make sure that the paperwork is correct and the Form 709 forms have been
filed properly.
You can see the Gift Tax form at http://www.irs.gov/pub/irs-pdf/f709.pdf -
JUST REMEMBER - it is the "giver" that pays the tax, not the recipient.
Your aunt in Washington does not need to worry about gift tax unless she has
given away more than $600,000 than she should talk to a professional to se
if she needs to file US form 709.
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