Will I be liable for gift tax in my scenario where parents initially invested the gift money in my name, and are now investing in their name?
I am preparing myself for 2019 tax filing. For 5 years in the past, I gifted approx 15-20k to my parents with the assumption that I will not be liable for any gift tax for up to (10x2 to 14x2) = 20 to 28k/year. I sent the money to my overseas bank account, and they withdrew money from my account.
3 years back - As they didn't need the money, they bought a overseas property for 90k on my name. They are now selling it for 120k and so 30k is capital gains - I will pay long term capital gain taxes on that 30k in 2019.
Main question is if my parents invest that original 90k out of 120k in their name now, will I get in trouble with gift tax rules because the entire amount has been on the record on my name until recently? or is it ok for my parents to still consider the above money as theirs?