Children's Accounts - Deposits and Gift Tax
Re: Children's Accounts - Deposits and Gift Tax
I really suspect OP is worrying about nothing. If the NTA only challenges 300 cases a year (out of 1.6 million deaths) then it’s clear the bar is very high and worrying about gifts under the 1.1 million yen limit is like worrying about being hit by lightning.
Re: Children's Accounts - Deposits and Gift Tax
Apparently the odds of being struck by lightning in a lifetime are in the 1:10,000s 
Happy to contribute to the discussion
Happy to contribute to the discussion
-
captainspoke
- Sage
- Posts: 1413
- Joined: Tue Aug 15, 2017 9:44 am
Re: Children's Accounts - Deposits and Gift Tax
There's quite a bit of NTA paranoia on that subreddit. Seems everyone thinks NTA is checking everything everyone does.
-
Tsumitate Wrestler
- Veteran
- Posts: 369
- Joined: Wed Oct 04, 2023 1:06 pm
Re: Children's Accounts - Deposits and Gift Tax
I am certainly not changing my approach radically.
I simply will:
1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.
2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.
That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.
I simply will:
1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.
2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.
That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.