Gift tax

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
okinawafl
Posts: 97
Joined: Sun Jul 11, 2021 12:38 pm

Gift tax

Post by okinawafl »

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.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Gift tax

Post by nelsona »

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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
okinawafl
Posts: 97
Joined: Sun Jul 11, 2021 12:38 pm

Re: Gift tax

Post by okinawafl »

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.
Post Reply