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Is there a gift tax on money given to adult children by their parents?
Wiki User
∙ 10y ago
No
Wiki User
∙ 10y ago
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Three children put their money together to buy their parents a present Together they have 91 If tax is 4 percent what is the maximum amount of money they can spend on the gift?
$87.50
Do you have to pay tax on money given to you?
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 agree to call it.
What do you call money that a state or nation collects?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
If an adult child gives his parents a monetary gift of 12000 cash will the adult child be allowed to write that off on his tax return?
Its recommended you contact a specialist to help you answer this question, but... Yes, If the adult child files the $12,000 as a monetary gift on his/her tax return, he/she should be able to write some or all of that off on his/her taxes (depending on how much money he/she makes in the year), however, the recipient of that gift would then have to pay additional taxes as result of receiving it (Yes, they tax monetary gifts, they tax everything conceivable by the human imagination). Also, Should the parents fail to file that they received a monetary gift of $12,000, this may result in the adult child being flagged by the IRS for an audit, it may also result in the adult child or his parents being charged with a felony/fraud or tax evasion, this is why you will need a specialist. IE: If the adult child did not actually give the $12,000 to his parents, or they did not receive it as a monetary gift and instead it was a form of payment for some sort of goods and/or service, a car for example - in this situation the adult child should actually be paying additional sales taxes instead of receiving a tax break, or if the parents fail to acknowledge that they received a monetary gift of $12,000 at all, the adult child could face fraud and tax evasion charges. -OR- If the adult child actually did give a monetary gift of $12,000 to his parents, and they received it as a monetary gift, the adult child filed it on his taxes, but the parents did not, they could be charged with tax evasion, and possibly felony fraud, or heavy fines with high interest rates, depending on the situation. Its always a good idea to keep records, in either case, it may be best to just not file it at all, depending on the child's relationship with his parents.
If you receive money as a gift from your parents do you have to pay taxes on it?
No.
Can your exhusband sue you for money he has given your adult children after the divorce?
No. If he chose to give your adult children money, then that was his decision and you are not obligated to reimburse him for any of it. And to take it a bit further, even if the children were still minor after the divorce and he chose to give them money, you would not be obligated to reimburse him for that, either. Child support money goes to the custodial parent for support of the children, not directly to the children.
Why are GOD parents given to the newly baptized?
God Parents are given to children during baptism, so that the children will have someone to look after them in the event that their birth parents no longer can. The practice originated back when the average life expectancy of an adult was about 30 to 40 years old, given this and the likelihood you your birth parents having little opportunity to earn enough money to keep you, God parents were brought in to raise baptized children in the event that something went wrong with their birth parents. In modern times, God Parents are a dying breed, being replaced by the social services and foster care/adoption systems, at the expense of the next generations family support network. Angel Noonan www.angelnoonan.com
Is it appropriate to give your adult niece and Nephew money for a Hanukkah gift?
Yes. There are no rules about Hanukkah gifts. In fact, the only traditional gift on Hanukkah is the gelt (coins; money) given to children.
What is a school voucher?
School Vouchers are checks that can be accepted by parents to send their child or children to a private school. This money is given to the parent or guardian by the state.
Can an attorney collect unpaid fees from the parent of a child who is not a minor if the child owes the attorney money from a criminal case?
Generally, parents are not responsible for the debts of their adult children. (Sometimes there are exceptions for severely disabled children.)
Do adult children have any rights to money from insurance if the father is remarried with no will and new wife is beneficiary?
Insurance money is a contract and is normally outside the estate. The adult children would have no rights to it.
When do single dads cut off the money to his adult children?
22?
How can kids save money?
usally a piggy bank is good. if the parents have the piggy aka and the children give the parents the money it will be better
Can the parents of a 19 year old legally take the child's money?
Not in most jurisdictions. Once a they are an adult, their money belongs to them.
What is Obama worth money wise?
She is a child and not worth any money. Her parents have whatever they have gained. Children don't have a interest in the parents estate until the parents die.
Is the family allotted money from a deceased account?
It depends. a. If the deceased individual has a legal will, the people mentioned in his will, will be given the money from his account b. If he does not have a legal will, then his legal heirs (spouse and/or children) will be given the money from his account c. If he does not have any spouse or children, then the remaining family members will be given the money
Should pocket money be given to children?
yes they sound
