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Do you have to pay tax on money given to you by your parents?
No, unless the amount is over $500
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If your parent claimed you on their taxes you supported yourself they didn't how do you get them to pay the money they owe?
Answer Tell them to give you half of the money or you will start doing your own taxes. If you are under 18 yrs of age. then you have no say in the matter you are a kid …and the money is your parents to do with as fit. Ans You can only be claimed on someone elses tax return if you qualify as their dependent and you don't claim yourself on your own one. So, file your own tax return. However, you may end up paying taxes. You do not get money back from tax because you spent it on yourself.
The money is taxable income and should be reported. If it is over $600 they must receive a W-2 and the payor reports it to the IRS. Large amounts paid as part of a TIPS prog…ram or such may even be subject to having withholding taken (similar to winning at a casino). If some bumb on the street who gets $50 for for giving up info actually reports it on a return, lord knows.
If your parent dies and they have Employee benefitsinsurance do you have to pay taxes on that money?
Sorry for your loss. Your question is little off terms...many things and many different types of insurance may be called employee benefits. Baring special situations…, virtually always: any payment of life insurance made is not taxable income tot he recipient.
Generally speaking, life insurance proceeds (death benefits) are received income tax free by policy beneficiaries.. Any subsequent monies that are earned through investment o…f those proceeds, unless specifically invested in tax-free ionvestments, would be subject to state and federal income taxes.
Can you deduct from your taxes money given to elderly parents to help supplement their lack of income and or pay their medical bills?
No deduction on your income tax return for the gifts to your parents.
If the money is given to you as a no-strings-attached gift, no. Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agr…ee to call it.
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to re…cover some or all of the gift from the recipient. The donor may owe a gift tax depending on the size of the gift and depending on what other gifts the donor has given.
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to re…cover some or all of the gift from the recipient. Since you posted this question in the Car Buying category: Some states may impose a sales tax on the Blue Book value of the car being transferred. This is a matter of state law and you should check with your DMV for details.
It depends on your personal situation, but in most cases yes. See the IRS.gov website for more information or seek the advice of a professional.
If they're legally a child, then yes, it's a gift. If they're legally an adult, then yes, it's a gift.
This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government …took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.
Inheritance is not taxed for income tax purposes. However, if youacquire property through inheritance like a house or stock, andsell it later, you may have an income tax situa…tion. There is a taxcalled estate tax, which must be filed and paid by the parentsestate. This would depend on the entire value of the parents estateto determine if an estate tax return is necessary.
You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income t…ax in the next year after the year that you receive the distribution amount by the due of your income tax for the previous year return and pay the full amount of taxes at that time. A calender year taxpayer the due date for filing and paying any amount owed would be April 15 of the next year