Question

What is the maximum amount of money I can receive as a gift from the USA without paying taxes?

Answer 1

Actually, as of 2006 the limit is $12,000. Meaning you can receive up to $12,000 from one source without being taxed on it. You can receive multiple gifts- for example, $12000 from your dad and $12000 from your mom- and not pay tax, as long as no one source gives you over $12000.

Answer 2

Assuming that you are a UK citizen AND a supporter of the labour party, then provided that you call it a loan, you don't have to declare it and everything will be fine. If its good enough for Tony Blair, then its good enough for you. If the tax 'man' comes after you, simply pay it back to avoid any fuss.. . Enjoy!

Answer 3

In the USA you can give a one time gift per year of $10,000 and not have to pay taxes on that gift money.

Answer 4

Actually, you pay no taxes on cash gifts you receive. However if you give more than 11,000 to any one person, then you have to pay taxes on what you give in excess to the $11,000.

Answer 5

If you are UK resident for tax purposes and it really is a gift not a payment for services said to be a gift then there is no tax to pay in the UK