3 ms·
Gift taxes are payable by the giver, not by the receiver.
by mamoswine 7y ago
Gift taxes are payable by the giver, not by the receiver.
- NotSammyHagar 7y agoYes. But I'd bet that the parents just claim the kid owned that account. Tax rules in other countries like China may not require a gift tax, so you could just give it to your kid in china, and then move that account to the us, so it doesn't look like a gift. Indeed, this article says they are thinking of adding gift taxes in China. https://www.huffpost.com/entry/china-considering-to-collect-inheritance-and-gift-taxes_b_58d39f0ae4b099c777b9df24 https://www.huffpost.com/entry/china-considering-to-collect-.... So I'm sure people would follow this practice and avoid us gift taxes and limits.