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If it is over $13,000
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∙ 13y ago
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Do you pay income tax on a gift from your brother or sister?
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
Do you have to pay income tax on a gift of cash from your dad?
Depends what country. Funny how definite answers are given without such basic information. Ethnocentric?
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
Does the donee have to pay income tax on a gift?
No. If any gift tax is due, it is the responsibility of the donor. However, in extreme cases, the IRS may try to claim the gift if the donor fails to pay tax.
Do you pay tax if you have no income?
You don't pay income tax. But you may still have to pay sales tax, gift tax, property tax, gas tax, motor vehicle tax, import duties, and any other taxes that may apply in your situation.
Do you pay tax on a gift that you then sell?
For federal income tax purposes, you would not pay tax on the gift itself, but you would pay a tax on the increase in value (its appreciation) from the time you inherit it until the time you sell it. As far as state income taxes, that depends on the particular state you are in, so you have to check that out with someone familiar with the tax laws of that state.
Would you have to pay a gift tax or income tax on a gift in the amount of 105000?
Not if you're the one receiving it. Gifts are not income. Gifts are not taxable. The person who GIVES you the gift must not exceed their annual exclusion ($15,000 in 2012) if they don't want to incur gift tax liability.
Deduct money gifts to children from income tax?
No, but within certain limits you DON'T PAY gift tax.
Can a parent give a monetary gift of 13000 cash to and adult child and deduct if from their gross income?
No deduction on your income tax return for gifts to anyone.
Can you gift money and them pay it back to you?
I want to gift money to my daughter vfor a downpayment on a home, but she wants to pay it back when she gets her income tax refund can she do this?
What charities will pay cash for cars?
Charities do not typically pay cash for cars. Instead, they rely upon donations of vehicles, which can then be deducted on the donor's income tax returns.
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
