Search found 4382 matches
- Sun Apr 21, 2024 8:01 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
"Transfers of funds between persons who have a legal responsibility to support each other do not constitute a gift, unless the Gift is for a purpose other than support or living expenses, etc.." 'legal responsibility to support each' means 'dependent'. Whilst a student under about 25 migh...
- Sun Apr 21, 2024 6:22 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
So if you pay for your (adult) child’s rent it isn’t counted as a gift to them? If I remember correctly, former PM Hatoyama had a minor scandal where his mummy was giving him tens (hundreds?) of millions of yen a month to cover his living expenses. The scandal was that he might be using the money f...
- Sun Apr 21, 2024 4:46 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
For anyone actually worried about this, paying family living expenses directly (rent, utilities, groceries, travel, insurance, education expenses) while letting them save and invest their income seems pretty foolproof. Personally I'm planning to do that as well as regularly gifting up to a million y...
- Sat Apr 20, 2024 11:53 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
The following information was presented on reddit, and my confidence was eroded. 1. https://souzoku.asahi.com/article/13089869 2. https://www.oag-tax.co.jp/asset-campus-oag/name-deposit-3712 3. https://tomorrowstax.com/knowledge/202103176495/ 4. https://chester-tax.com/encyclopedia/8754.html All fo...
- Sat Apr 20, 2024 5:09 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
Wouldn't that make it worse? The person receiving the gift not having control of it seems to be a red flag...Tsumitate Wrestler wrote: ↑Sat Apr 20, 2024 3:43 am Would be setting aside a buffer and trying to convince a then adult/child not to touch the money until X- date after Gigi/Baba passes.
- Sat Apr 20, 2024 3:30 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
Can we all put our rings together and summon Captain Tax to break down both sides here and give a ruling? My impression is there is no ruling because at the end of the day it is going to depend on the NTA doing an inheritance tax audit and ruling against you. If both of those fail to happen there i...
- Sat Apr 20, 2024 3:19 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
This Reddit thread has a lot of detail and is very interesting: https://www.reddit.com/r/JapanFinance/c ... e_used_to/
- Sat Apr 20, 2024 2:49 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
The tax experts argue that it is not that simple, and proving if the gift was effective is not straightforward. The claims are: A. It is not uncommon for a J-NISA investor to have to pay tax upon maturity after the funds are released to them or after the gifting relative passess away, upon review b...
- Fri Apr 19, 2024 9:15 am
- Forum: Taxes
- Topic: Children's Accounts - Deposits and Gift Tax
- Replies: 54
- Views: 1081
Re: Children's Accounts - Deposits and Gift Tax
Very interesting question, and I'm curious to hear the answer. I suspect it depends on the relationship between the giver and the recipient, the timescale, and whether the tax office would even notice???
- Thu Apr 18, 2024 9:52 am
- Forum: iDeCo
- Topic: Initial iDeCo setup fees?
- Replies: 2
- Views: 179
Re: Initial iDeCo setup fees?
initial set up fee (one off) is 2,829 yen. Plus monthly fee. Monthly fee is 140 yen or so for most low cost providers.