There is no income tax due on gifts, and there will be no gift tax unless the gift exceeds $12,000 per individual. (A married couple can each give $12,000 - so they could give their son $24,000 and their daugher-in-law $24,000 for a total of $48,000 gifted in each tax year.)
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.
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.
No, but within certain limits you DON'T PAY gift tax.
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
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?
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.
If it is over $13,000
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.
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.
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.
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.
No, but within certain limits you DON'T PAY gift tax.
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
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?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
You don't pay tax on the tax-free pay and you do pay tax on taxable income
all people pay income tax.