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For my relatives that are not in the current partnership, is…

For my relatives that are...
For my relatives that are not in the current partnership, is there any advantage to gifting currency now rather than putting them in the partnership?
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Answered in 4 hours by:
3/8/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,764
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Gifts are not taxable to the receivers of the gift.

If they become partners, any compensation becomes taxable income.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
It is my understanding that you can gift someone $12,000 per year and they have no tax liability. It the case of foreign currency that has been gifted worth $1,000 USD but is worth $100,000 after it re-values. Won't they owe tax when the take possession of the exchange center or bank?

Gifts of any amount are not taxable to the receiver of the gift in the U.S.

The giver of the gift has a responsibility to REPORT any gift that is more than $15,000. Tax will be due only if the giver of the gift has exceeded the lifetime cap of $11 million.

Gifts are reported on Form 709 that are in excess of $15,000.

https://www.irs.gov/forms-pubs/about-form-709-united-states-gift-and-generation-skipping-transfer-tax-return

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,764
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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