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  • Timing for reporting gifts over the annual free allowance of $15K.

    From Not A Clue@21:1/5 to All on Tue Dec 28 12:37:49 2021
    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

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  • From John Levine@21:1/5 to All on Tue Dec 28 14:34:34 2021
    According to Not A Clue <[email protected]>:
    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
    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, [email protected], Primary Perpetrator of "The Internet for Dummies",
    Please consider the environment before reading this e-mail. https://jl.ly

    --
    << ------------------------------------------------------- >>
    << 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. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stuart O. Bronstein@21:1/5 to Not A Clue on Tue Dec 28 14:36:45 2021
    Not A Clue <[email protected]> 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 recipient.

    And if I make a last minute wire transfer of cash (gift), does
    the same principal apply?

    Yes.

    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << 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. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)