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Old 06.11.2020, 10:37
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Re: Gift from abroad taxation

Quote:
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To add to the above comments, the 2019 Ct. Zurich tax instructions on p.29 say (translation):

"It is only possible to refrain from filing a special tax return for the gift tax:
- for gifts to the spouse or to the registered same-sex partner;
- for gifts to a descendant;
- for occasional gifts not exceeding the value of CHF 5,000 each.
No inheritance or gift tax is payable on such gifts."
To add even more to the above:
Quote:
Für alle unentgeltlichen Zuwendungen durch Personen, die im Kanton Zürich wohnen, oder für Zuwendungen von zürcherischen Liegenschaften durch ausserhalb des Kantons wohnhafte Personen hat der Empfänger innert dreier Monate nach Vollzug der Schenkung oder des Erbvorbezuges eine besondere Schenkungssteuererklärung beim Kantonalen Steueramt Zürich, Dienstabteilung Inventarkontrolle/Erbschaftssteuer, Bändliweg 21, Postfach, 8090 Zürich, einzureichen.
In short and in English: Canton Zurich gift tax is only due in case the giver lives in the canton or real estate located in the canton is gifted. Otherwise no gift tax. Gift tax is separate from regular taxation. If a gift tax filling is needed it must be done within 3 months of receiving the gift. There is no gift or inheritance gift tax on federal level.

Nevertheless a considerable gift should be disclosed on the regular tax return as this explains a sudden increase in wealth (it won't be taxed).
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