0
As long as it is under the amount that requires a Gift Tax Return to be filed. This would depend on the year and form of the gift being given.
Wiki User
∙ 7y ago
Wiki User
∙ 14y agoThe taxation department in the country in which the gifting occurs and is received should be able to give you information.
Add your answer:
Earn +20 pts
Who can accept a tax free monetary gift?
anyone can accept a tax free monetary gift if it is under 10,000 above that and you have to pay taxes on the gift. this is usually done when older relatives want to help out young nieces and nephews etc.
Is the recipient responsible for monetary gift taxes?
No, the one that gives it is
What percentage is the IRS monetary gift tax?
45 percent
Can you gift money to your nephew under gift tax exemption?
Each state has different laws governing such transactions.
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.
Can you give a wedding gift to your nephew that is for him alone?
It seems a little ... petty. But sure, if you want to be known as the cranky old aunt, you can enclose a note that the gift is for your nephew and not for "that slut he's marrying." Now ... does this note have any actual legal impact? No, of course not; a gift is a gift, not a contract, and your nephew is perfectly free to share it with his new bride (and, legally speaking, absent a pretty bizarre prenuptial agreement, it's probably joint property anyway).
Who can accept a tax free monetary gift?
anyone can accept a tax free monetary gift if it is under 10,000 above that and you have to pay taxes on the gift. this is usually done when older relatives want to help out young nieces and nephews etc.
Do I give the same graduation gift to a nephew and a step nephew that live in the same house?
Yes, I will give the same graduation gift to nephew and a step nephew, even if they are not residing in the same house. Getting same gift will realise nephew that he is not superior and at the same time step nephew will also feel that he is not inferior in any manner.
What is a customary monetary gift amount for a 60th birthday party?
Any monetary gift is based upon what you think is right and what your budget can afford.
Should you give nephew birthday gift?
yes!
Is a monetary gift OK if you are unable to attend a bridal shower?
In most cases, yes a monetary gift would be OK, but if you wanted, you could ask the bride if she wanted anything specific for her bridal shower.
How do you say Congratulations on your nephew?
You can say "Congratulations on your new nephew!" or "Congratulations on becoming an uncle!" to express your joy and excitement for the new addition to the family.
Is the recipient responsible for monetary gift taxes?
No, the one that gives it is
What percentage is the IRS monetary gift tax?
45 percent
How do you give a monetary gift to your child?
In order to give a monetary gift to your child, you will want to do so in bond form. This way, the child does not use the money until it has incurred interest in the bank.
What does monetary mean?
it means a gift of money from one person to another.
What is a gifted property deed?
A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift and must be recorded in the land records.A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift and must be recorded in the land records.A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift and must be recorded in the land records.A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift and must be recorded in the land records.
