Thursday, May 20, 2010

Do I pay tax on gifts that I take overseas?

I bought Christmas gifts for my family in South africa. Will I have to declare them and will I have to pay tax on them?

Do I pay tax on gifts that I take overseas?
You pay gift tax using form 709, due by April 15th, on gifts that have a value greater than $12,000 per individual. Unless you are extremely extravagent I would doubt that you are spending $12,000 or more per person for Christmas gifts.
Reply:have a great trip! Report It

Reply:i think they have quotas for those, if it is above a total value of £50 or so , I think you will need to pay tax on it and declare it.
Reply:If you are South African then yes! It happened to me once. I would not bother declaring them because the chances of them stopping you in SA are slim, or you can open the boxes/packaging etc. and just say that all the stuff is your own that you have owned forever! "Yes I do collect toy trains"
Reply:Usually no but your family usually gets taxed hugely. I have lived overseas for many years. As long as you lable it used or gift they should be fine. Lable it used clothing or something like that
Reply:i think only in south africa ur family will pay its quotas
Reply:no i don.t think so you.ll have paid tax when you bought them just bring the receipt with you


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