Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.
If the person who died didnt put the title in your name, (in which case it wasn't a gift to you, but just them allowing you to use their car) the car becomes part of the decedents estate.
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
When it really isn't a gift. There is a myth out there that by giving a taxable payment a creative name, it can be treated as a gift. For example, if an employer gives his staff a check as a "token of his affection" for meeting their sales goals, it is still not a gift. Or if a neighbor gives you a thank-you $20 bill everytime you mow his lawn, it is still not a gift. I suppose a gift from illegal activities might be taxable. For example, if a bank robber gives a bank teller a gift for not identifying him in a line up, that might be taxable. Or an embezzler splits his loot with the people who fed him inside information, that might be taxable.
An accepting house is an institution specializing in the acceptance and guarantee of bills of exchange.
Estate taxes are the taxes imposed on a decedents estate, whether state, federal or both) to remove the property out of the decedents name and placed into a living beneficiary's name. A gift tax is a tax on any gifted amount over the maximum lifetime gifts made by an individual from their estate to another party. This gift tax is paid by the individual giving the gift, not the person receiving the gift. The federal amount per person for a gift changes and you must keep note of this, however this gifted amount can be given each year to any number of people with no gift tax so long as it is under the maximum life amount for gifting under the uniform gifting code.
"God Gift" gift house
SOPHIE.
My daughters name is Jenessa and the book I got it out of said it means A Gracious gift of god.
If it is your intent to gift the home to your daughter, and if it is permitted by the mortgage holder, yes.
President Obama's two daughters are named Sascha and Malia.
The name of the Member of the House of Assembly for Southerton constituency in Zimbabwe is Chimanikire Gift.
her daughters name is lyrics
The name of Member of the House of Assembly for Glen Norah constituency in Zimbabwe is Dzirutwe Gift.
ava-rebecca is my daughters name, does that have a meaning? ava-rebecca is my daughters name, does that have a meaning?
The name of the current Member of the House of Assembly for Hwange West constituency in Zimbabwe is Mabhena Gift.
Lil mamma's daughters name is Kate
Athena's daughters name is Kay! LOL JK