Should I declare this gift? Will this gift be taxed? I think there is a gift tax allowance in Basel-Stadt of CHF 10,000.
Please advise.
I am non-EU national living/working in Basel-Stadt. Last year I received a money gift of CHF 500 from my parents, who are living in Japan. They deposited the money in my Japan bank account.
I would think you just include the amount on wealth as part of declaring the amount o. That tax account anyway?
I wouldn’t declare it if it was me.
I think you're supposed to declare even if no tax is due but for such a small amount I wouldn't personally bother. You can google it and probably find an answer or ask your tax dept directly.
500k, declare.
500, don't bother.
Tom
Technically you have to declare it as income, in reality however nobody will really care about 500, that's just not worth the bother. But even if, gifts along the direct bloodline (grandparents-parents-children) are tax-free, so again not worth the bother.
Customary gifts are tax free. Up to CHF 2k are considered as customary by nearly all cantons. In most cantons gifts from parents are tax free (BS is the exception). And finally, tax is due in the canton where the giver lives, not the recipient. Except for real estate, than it is where the real estate is located.
Therefore, three reasons why no gift tax due: Too low, from parents, from abroad. Overview from Credit Suisse:
https://www.credit-suisse.com/media/…tabelle-en.pdf
and more specifically this FAQ from canton BS: https://www.steuerverwaltung.bs.ch/d…2022_cd_bf.pdf
Do you have to declare it? No. Would you have to declare a bigger gift? Yes, it is for transparency how your wealth has increased.