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What else can I help you with?
Does the receiver have to pay gift tax on the gift they received?
In most cases, the receiver does not have to pay gift tax on the gift they received. The responsibility for paying gift tax typically falls on the person giving the gift.
Does the receiver of a gift have to pay tax on it?
In most cases, the receiver of a gift does not have to pay tax on it. The giver is usually responsible for any gift tax that may apply.
Does an adult daughter have to pay tax on a 12000 gift from her parent?
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
When would someone need a gift tax?
A gift tax is very rare and most Americans don't need to pay tax on ordinary gifts. The person who gives the gift, not the person who receives it, must pay the tax.
Do you pay sales tax on labor in Nevada?
No you do not need to pay taxes on labor.
Does minnesota charge sales tax on labor?
No, you do not pay sales tax on labor. Sales tax is for materials.
Do you pay sales tax on a car in MA if it was a gift?
There is no tax on a car given as a gift in MA.
Does the donee have to pay income tax on a gift?
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.
Do you pay tax on labor in Virginia?
no no no no
Do you pay income tax on a gift from your brother or sister?
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
Is there a gift tax from father to daughters?
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
Does the recipent of a gift pay tax?
Gift taxes are owed by the party who gives the gift and not the recipient.
