Hi. I have recently gifted an large amount of money to my parents. This amount was the result of me selling my house. If I add to the gift letter a condition that the receiver of the gift is required to pay all taxes and financial responsibilities that are related to the selling of the house and the gifting of the money is that legitimate and legally binding.
Hi @Abdullahz,
A gift is just that, a gift. If you gift money to a friend or family member, there are no tax implications for you or the receiver.
If the money as you have advised came from selling a house. If it was an investment property that your owned and then sold. You would potentially need to pay capital gains tax.
The monetary gift you have given to your parents. Does not make them liable for any taxes as it was gifted to them.
We have a great article for tax on gifts and inheritances you may find helpful.
Hi @Abdullahz,
A gift is just that, a gift. If you gift money to a friend or family member, there are no tax implications for you or the receiver.
If the money as you have advised came from selling a house. If it was an investment property that your owned and then sold. You would potentially need to pay capital gains tax.
The monetary gift you have given to your parents. Does not make them liable for any taxes as it was gifted to them.
We have a great article for tax on gifts and inheritances you may find helpful.
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