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How much money can you give someone as a gift without paying tax?
Wiki User
∙ 13y ago
$11,000
It would help if you had dates on these replies, because I believe it's now at least $13,000 per person per year...and I believe it's soon to be $15,000 per person per year.
Wiki User
∙ 13y ago
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How much money can you get without paying a gift tax?
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.
If I pay off a credit card debt for someone using my own credit card does anyone have to pay tax on it?
Probably not. I think you would have two options on how to classify this. You could either treat it as a loan, ie. you loaned money to someone to pay off their credit card. Receiving a loan is not taxable, but there should be a bona fide expectation that you are going to be paid back. Of course, if you are going to charge your friend interest on that loan the interest would be taxable income. The other option would be to treat it as a gift. As long as you are under the gift threshold (in 2008 you can give someone a gift up to $12,000 and there is no tax) there is no tax from anyone. If you are calling it a gift and it was more than $12,000 you may need to file a gift tax return and pay a gift tax. Note that the person GIVING a gift is responsible for paying the gift tax, not the person receiving the gift.
How much money can your mother give you without you having to pay a tax?
You won't believe this until you check with someone and verity it. If your mother gives you a gift of more than $13,000, your mother owes gift tax on the amount over $13,000, not you. You do not even claim it as income. See link
Is 24000 gift tax exempt to married couple?
Generally, the one giving a gift pays the gift tax. Not the recepient.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. What is considered a gift?Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. What can be excluded from gifts?The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. # Gifts that are not more than the annual exclusion for the calendar year. # Tuition or medical expenses you pay for someone (the educational and medical exclusions). # Gifts to your spouse. # Gifts to a political organization for its use. In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
Can a son give his parents money without incurring a gift tax?
Yes, if the gifts do not exceed his $15,000 annual exclusion for each recipient.
How do you get clothes on imvu without paying?
You can either ask someone to send you the product you want. Or you can earn credits or buy credits and then buy it. But other than asking someone to gift it to you, there's no other way to buy products without paying.
Anyone know how to get spore free?
The only legal way would be to ask to ask someone else to buy it for you as a gift for whatever gift-giving holidays you celebrate. Downloading it without paying for it is stealing.
Is there any way to get free Smurf berries in the Smurfs App for the Ipod without paying real money in real life?
You can get smurfberries from jokey smurf(the smurf with a gift box)
Are the gift cards free?
No, it cost but you can get it here without paying anything. cutt.ly/Fky17I2
Where do you get free itunes gift cards?
You can get it here without paying anything. cutt.ly/Fky17I2
What is the meaning of to put in their share for this gift?
In some workplaces when someone has a birthday, or is getting married, etc, there is a tradition for the workers to all put in some money to buy one combined gift. It is difficult to avoid paying, but if you do not want to contribute, you are not obliged to.
Can someone receive aspiritual gift without the HolySpirit?
No
Where can you trade in your gift card for money?
you cant Someone can buy your gift card.
Where can you buy a gift for Father's Day without much money?
If you make it yourself, you can create a Father's Day gift for minimal amounts of money.
How much money can you get without paying a gift tax?
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.
Can you get membership without having to pay real money on clubpenguin?
No you can't but it would be cool if you could pay clubpenguin money instead.- other answer. my answer: you can have someone give you a gift card, or win one in a contest.
How is land taken over without money?
can be inheirited or given as a gift
