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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.
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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.
Deduct money gifts to children from income tax?
No, but within certain limits you DON'T PAY gift tax.
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?
Do you pay income tax on a gift from your parents?
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.)
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
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.
If you pay taxes on winning money if you give some away do they also have to pay taxes?
From IRS.gov Who pays the gift tax? The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
Do you have to pay income tax on a cash gift?
If it is over $13,000
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.
Can a family member transfer funds to a 529 plan as a gift tax exempt?
An individual may give up to $12,000 per year per donee without gift tax consequences. A married couple may double that amount through "gift-splitting". It makes no difference whether the gifts are placed in a 529 plan or given directly to the donee. However, some states have tax deductions for contributions to their 529 plans. It might be to the benefit of the donee, or the donee's parents, to have the gift go to them first, then they can make their own tax-deductible contribution. Of course, if the state permits the donor to take the deduction for the contribution, the donor could put the funds directly into the 529 plan. There are no tax consequences to the donee of a gift. I recommend this proposal be discussed with a CPA before you act on it.
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 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?
Do you pay income tax on a gift from your parents?
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.)
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.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
