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Are rent payments from family members considered taxable income?
Wiki User
∙ 15y ago
Yes
Wiki User
∙ 15y ago
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Is there a tax write-off for me to gift to any family members?
Gifts under $14,000 are not taxable to the recipient and there is no tax deduction for the giver. Gifts are the annual $14,000 threshold may incur a gift tax up to 40% for the taxpayer that gave the gift.
Is a gift to grandchild a tax deduction?
No, your entirely backwards....if done properly it is neither taxable to them or gift taxable to you. No gifts - and especially no support of family - are tax deductible, (unless charitable donatiosn to QULIFIED charities).
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Is a gift of 25000 dollars taxable income?
A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
Do monetary gifts received need to be reported to IRS?
Really, it depends on whom it's from and even a bit of the circumstances involving it. But, remember the Oprah thing...with the cars....and they had to be reported as income (and tax paid) by the recipient? And the givor has to provide a 1099...etc. Basically, if it's over 600$, there is going to be a reporting requirement, and if it isn't from a family member, there will be a tax requirement...sometimes on the one giivng it a gift tax is imposed. And to be certain, if its from an employer, regardless of the reason claimed, it's taxable as payroll. What I'm trying to say (and relevant to the below), is while gifts (especially between family members) can be structured to be not taxable (or only taxable under gift tax rules to the givor), to either the givor or recipients, I have frequently seen what was considered a gift by the recipient isn't really considered so (and is deemed to be income) under IRS rules. what you call it isn't the thing....what it actually is carries. You can gift up to $11,000 to someone without any tax consequences. If you gift more than that, the giftor must file a Gift Tax Return and pay a gift tax. The tax is typically paid by the giftor, not the receipient.
Do family members have to pay taxes on a parent's annuity when parent deceases?
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.
What are payments by immigrants to family members in their home coumntry called?
dees nut
What two family members of Family Guy have considered liposuction?
Peter had it done. Chris considered it but wouldn't do it.
Is money that you loan to someone taxable?
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
Is gaura and oenothera the same?
Gaura are now considered to be members of the genus Oenothera. They are both members of the family Onagraceae.
What are payments sent by immigrants to family members in their home country called?
These payments are called remittances. They are typically sent by immigrants living and working in another country to support their families in their home country.
What do otters and prairie dogs have in common?
They are all members of the Musteloidea super-family. Wolverines and otters are members of the mustelidae family, and skunks are members of the mephitidae family. Until recently, skunks were also considered to be mustelids but have now been moved to their own family.
What to do if people missed sixteen days on a payment of a truck that they took payments over from a family member and then they repossess it without motifying you?
Well, a vehicle can be repossessed with no notification, so there's not much you can do about that. If the payments were taken over by family members, it's assumed the first family member was aware someone else would be paying for the truck and so is still responsible to see that the payments are made.
What is A chemical family whose members exist as reactive diatomic molecules in the gaseous phase is the?
A chemical family whose members exist as reactive diatomic molecules in the gaseous phase is the halogen family. All halogens are considered as toxic.
Are brothers in-law considered members of immediate family?
Your immediate family is another way of describing your nuclear family. Immediately family is usually considered to be your spouse, children, and parents, but sometimes includes parents only if you are living with them.
Who is considered next of kin when there are no immediate family members?
cousin, niece, nephew, aunt, uncle, grandparent
Did Thomas Edison have family members?
yes he had a lot of family members. he had 20 family members
