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Who pays tax on 20000 gift to another person?
When giving a car as a gift what taxes does the person receiving the gift have to pay in Washington?
None. See: http://www.dol.wa.gov/vehicleregistration/usetax.html Use tax: What if I receive a vehicle or vessel as a gift? * If you can provide proof th…at the person who gave you the vehicle or vessel paid sales or use tax on the vehicle or vessel, no use tax is due. * If the person who gave you the gift owned the vehicle for 7 years or more and is from a state or province with sales tax, it will be assumed that tax was paid and no proof is needed. * If the vehicle or vessel is coming from a state or province without sales or use tax, use tax is due.
Answer . Your question says it's a tax exempt gift (for whatever reason you claim, I'll presume parent to child)...what do you think your answer should be?. But presuming …you were just tossing words around: The tax is paid as a gift tax by the givor.. (Although it has to be a gift , and as noted, gifts by an employer to an employee are actually always considered payroll.) . If you gave any one person gifts valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. . Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:. Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit . Gifts to your Spouse . Gifts to a Political Organization for its use . Gifts to Charities . If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.
When giving a car as a gift what taxes does the person receiving the gift have to pay in Connecticut?
Motor Vehicles and Vessels Received as Gifts No sales and use tax is due on a vehicle or vessel received as a gift. A Motor Vehicle or Vessel Gif…t Declaration AU-463 is required, signed by the donor. The donor cannot receive any consideration (cash, property, service, assumption of debt, etc.) in return. Please be aware that a donor who gives a motor vehicle or vessel may be subject to the Connecticut Gift Tax. Generally, the gift tax is imposed on the transfer of property by gift during each calendar year. The tax is measured by taxable gifts, as defined for federal gift tax purposes. For more information on tax exemption, please contact the Department of Revenue Services . Any vehicle exempt from the sales tax can not be transferred if delinquent tax is owed on the vehicle. If the registration is suspended, the vehicle can not be transferred to an immediate family member. Content Last Modified on 1/7/2006 10:07:24 AM Reprinted from Ct DMV Website at: http://www.ct.gov/dmv/cwp/view.asp?a=814&Q=245262&dmvPNavCtr=|39525|
A "tax return" is a form like Form 1040 that you have filled out and sent to the government. A "tax refund" is a check that the government sends back to you because you paid t…oo much tax during the year. If you want to give your tax refund to someone else, take your check to a bank where you have an account or a check-cashing store and cash it and give the money to someone else. You are not allowed to have it direct deposited to someone else's bank account, although the IRS has been criticized for not checking too closely. (Some banks will reject a government payment if the name doesn't match the account.) And most banks will not accept a government check that is double-endorsed (signed over to someone else), but you can ask the other person's bank if they would be willing to do so.
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.
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 coul…d give their son $24,000 and their daugher-in-law $24,000 for a total of $48,000 gifted in each tax year.)
No. There is a limit of $12,000 annually for a single person to give away as gift. And if any tax is due on the gift, it is paid by person who makes the gift and not t…he recipient.
If it is valued at under $11,000 then you dont have to. If it is more than that - either say it is valued under $11,000 or you will have to pay tax - but it is not the p…erson that receives it that pays the tax it is the person giving it away.
How much money can an individual person give another individual without being required to pay gift taxes or file a gift tax return?
In 2009 you can give: an unlimited amount to a US citizen spouse. $133,000 to a non-US citizen spouse. $13,000 to any other person. That is the total including all gif…ts given during the course of the year. There is no limit on gifts to charities or political organizations. Also tuition payments (not including room and board) and medical services payments made directly to an educational institution or medical services provider do not count against any limits.
Answer If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may h…ave to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit: * Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit * Gifts to your Spouse * Gifts to a Political Organization for its use * Gifts to Charities If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.
Gift tax is essentially estate tax paid in advance. People with taxable estates cannot escape estate taxes by giving away their estates in advance, unless they can do it with …many exempt gifts.. While estates may be taxable, gifts are not income and are never taxed to the recipient.
If it is over $13,000
yes, it will be based on the "value" of the car. You always pay taxes.
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.
Gifts that you receive are never reported on your income tax return as taxable income. In the UK depending on the givers previous gifts and other complications you could be li…able to inheritance tax but it is unlikely.
For tax year 2009 or 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year. The person who… receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year. For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709. The instructions are available at the IRS gov web site choose within Forms and Publications However, what you call a gift and what the IRS defines as one may be different. And many things the world calls a gift are very much taxable indeed. For example, remember when Oprah gave everyone in the audience a gift of a car? And then the INCOME TAX on the value of that gift was indeed due by the one getting it? (As is tax on winning any game show or lottery, etc) The same is true in most all situations (outside of family) - call it what you want that doesn't change it (bonus, gift, holiday extra, performance, good looks, etc- whatever - it's income) - if you are given ANYTHING of value the value you have been given is taxable. PERIOD
In US Air Force
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.