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Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to recover some or all of the gift from the recipient.
The donor may owe a gift tax depending on the size of the gift and depending on what other gifts the donor has given.
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∙ 15y ago
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If you receive money as a gift from your parents do you have to pay taxes on it?
No.
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.
Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
If given money to perform charitable events does the receiver have any taxes to pay?
Yes.
Do you have to pay tax on money your sister inherited if she shares it with you?
Not if she already paid taxes on it, or she can gift up to 12k a year.
If you receive money as a gift from your parents do you have to pay taxes on it?
No.
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.
If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?
If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.
What taxes do you pay if giving a car as a gift in NC?
You don't pay the taxes, the person receiving the car as a gift does.
Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
If given money to perform charitable events does the receiver have any taxes to pay?
Yes.
Do you have to pay tax on money your sister inherited if she shares it with you?
Not if she already paid taxes on it, or she can gift up to 12k a year.
Do you have pay taxes on a 30000.00 gift?
It depends what the item is. I'm going to say yes but very little money.
When you receive real property with a gift deed are any taxes due?
Income taxes are not due for this type of transaction. The person giving the gift may be required to file a gift tax return if the property is valued over the threshold depending on what year the gift was given and recorded. If you sell the property, you will have a reportable income from the sale but at the time you are given the property you will not have to pay income taxes.
Do you have to pay taxes on a 12000 gift?
Yes.
Can i give my daughter 10000.00 to pay for the wedding expenses for her wedding without her having to claim on her taxes?
Give your daughter the money by check and write on it at bottom left 'wedding gift' or give her the cash. There is no reason she would have to pay taxes on the money.
How much money can you as a gift before you have to pay taxes?
$13,000 per person per donee. Unlimited amounts to spouses.
