Hello everyone, I'd like to ask for some insights into the topic of taxes on gifts.
I live in Zurich, my father is not resident here. He transferred owenership of his bank account in foreign bank to me, the ammount is around 250k chf.

In my tax declaration I did include all the assets I have, including this new one, but I didn't file any declaration for the gift specifically as I understood that tax on gifts from parents to children is exempt in Zurich, with no limit.

Did I do this right?

Many thanks for your help.

A gift tax return need not be filed in Ct. Zurich for gifts to descendents (Nachkommen). See p. 26 of the 2020 Ct. Zurich tax instructions (Wegleitung zur Steuererklärung 2020).

The OP should plan to complete 50.1 on the Zurich tax return giving details of the giftor (gift-giver), including the relationship (Verwandtschaftsgrad) between the giftor and the giftee.

Many thanks for your reply but I'm not sure I get it. A gift tax return needs not or need s to be filled? It seems like the first part of your answer contradicts the second.

even if it is not taxable, it has to be declared (50.1 in your tax declaration).


Cheers


Andreas