info
Google Groups no longer supports new Usenet posts or subscriptions. Historical content remains viewable.
Dismiss
Timing for reporting gifts over the annual free allowance of $15K.
13 views
Skip to first unread message
Not A Clue
Dec 28, 2021, 12:39:11 PM12/28/21
to
If I transfer some securities (from a brokerage firm) to someone on Dec 23rd and they leave my account on Dec 31st; but the receiving firm doesn't receive them until 1/3/2022. For compliance purpose, do I report the gift in 2021 or 2022?
And if I make a last minute wire transfer of cash (gift), does the same principal apply?
TIA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
And if I make a last minute wire transfer of cash (gift), does the same principal apply?
TIA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
John Levine
Dec 28, 2021, 2:35:05 PM12/28/21
to
According to Not A Clue <m8r.j...@gmail.com>:
banks invariably report it on the same day. It's the day I made the
request if I do it before the bank's cutoff time, the next business
day otherwise. Stock transfers are more complicated and slower.
I suppose if the recipient is outside the US it could take longer.
--
Regards,
John Levine, jo...@taugh.com, Primary Perpetrator of "The Internet for Dummies",
Please consider the environment before reading this e-mail. https://jl.ly
>If I transfer some securities (from a brokerage firm) to someone on Dec 23rd and they leave my account on Dec 31st; but the receiving firm doesn't receive them until
>1/3/2022. For compliance purpose, do I report the gift in 2021 or 2022?
>
>And if I make a last minute wire transfer of cash (gift), does the same principal apply?
Whenever I do a domestic wire transfer, the sending and receiving
>1/3/2022. For compliance purpose, do I report the gift in 2021 or 2022?
>
>And if I make a last minute wire transfer of cash (gift), does the same principal apply?
banks invariably report it on the same day. It's the day I made the
request if I do it before the bank's cutoff time, the next business
day otherwise. Stock transfers are more complicated and slower.
I suppose if the recipient is outside the US it could take longer.
--
Regards,
John Levine, jo...@taugh.com, Primary Perpetrator of "The Internet for Dummies",
Please consider the environment before reading this e-mail. https://jl.ly
Stuart O. Bronstein
Dec 28, 2021, 2:40:05 PM12/28/21
to
Not A Clue <m8r.j...@gmail.com> wrote:
> If I transfer some securities (from a brokerage firm) to someone
> on Dec 23rd and they leave my account on Dec 31st; but the
> receiving firm doesn't receive them until 1/3/2022. For
> compliance purpose, do I report the gift in 2021 or 2022?
It's the date you initiate the transfer, not when it is received by the
> If I transfer some securities (from a brokerage firm) to someone
> on Dec 23rd and they leave my account on Dec 31st; but the
> receiving firm doesn't receive them until 1/3/2022. For
> compliance purpose, do I report the gift in 2021 or 2022?
recipient.
> And if I make a last minute wire transfer of cash (gift), does
> the same principal apply?
--
Stu
http://DownToEarthLawyer.com
0 new messages