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There are limits as to the amounts of money that can be gifted within a year in a taxfree manner. Check with the IRS--amounts change from year to year.
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∙ 11y ago
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What is the earning threshold for a child to pay taxes?
The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
How much money in gifts can I receive each year before being taxed?
The gift tax is on the one who gives, not the one who receives it.
Is there a fee or tax if mom gives jewelry away before death?
Theoretically, there are taxes to be paid on gifts above a certain limit each year. The limit for gifts of money or property is $13,000 per recipient. With money, stocks, titled property (cars, homes), there is the ability to trace the gifts and detect whether they should be taxed. With gifts of personal items like jewelry or antiques, most likely the gift will only be taxed if the recipient chooses to declare it.
How much money can you give as a present before the receiver is taxed?
The receiver won't get taxed, the giver will. On gifts that don't fit the exclusion which is generally $13,000 per year per giver per receiver.
Do you get taxed on money saved?
Not taxed again on the after income tax money that you have saved but you are taxed on the earnings from the after income tax saved money.
Can you get child tax with no income but child support?
No, children are not taxed.
Why was whiskey taxed?
money
Does a snooker player get taxed for a 147 break?
No, but a player will have his prize money taxed.
If a 17 year old makes more than 6000 per year can the parent still claim the child on their taxes?
Yes, but his income (or at least some of it), must be taxed at your rate.
Is child support taxed?
not in the state of ga
Are you taxed when you withdraw money from a mutual fund?
Yes you are taxed when withdrawing money from a mutual fund. Your current tax rate would apply.
Why do you get taxed?
because the government needs money
