May I know if I give USD check $15,000 to my dad and $10,000 to my mom but they both deposit to their joint name bank account in Canada, will I subject to gift tax?
On a separate matter, do we need to report to IRS or New York States tax department when we file tax return if I have a domestic partner registered in NY (not married)? Do I have to identified this information in both 1040 and NY state tax return and would there be any tax credits I should claim?
thanks so much for your guidance.
Gift tax
Moderator: Mark T Serbinski CA CPA
Re: Gift tax
Where the money is sent has no bearing on whether you owe gift tax.
There are sufficient exemptions that you will not be subject to gift tax, but not because the money was sent abroad.
There are sufficient exemptions that you will not be subject to gift tax, but not because the money was sent abroad.
nelsona non grata. Non pro. Search previous posts. Happy Browsing 
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.
Re: Gift tax
Hi nelsona
just to confirm my understanding. so if I give my dad $15,000 and my mom $10,000 by check, since it is under 16,000 per receipent, I will not over the annual threhold even my dad and mom deposit the check to their joint account (total 15k + 10k will be 25K).
On a separate matter, do we need to report to IRS or New York States tax department when I file tax return if I have a domestic partner registered in NY (not married)? Do I have to identified this information in both 1040 and NY state tax return and would there be any tax credits I should claim?
thanks so much nelsona.
just to confirm my understanding. so if I give my dad $15,000 and my mom $10,000 by check, since it is under 16,000 per receipent, I will not over the annual threhold even my dad and mom deposit the check to their joint account (total 15k + 10k will be 25K).
On a separate matter, do we need to report to IRS or New York States tax department when I file tax return if I have a domestic partner registered in NY (not married)? Do I have to identified this information in both 1040 and NY state tax return and would there be any tax credits I should claim?
thanks so much nelsona.