0
No.
It depends on where you are, and exactly how much you're giving. For most people in the US, the answer "No" is largely correct. If, however, you're giving away several thousand dollars, that's a different matter. The US does have a gift tax on gifts larger than (as of 2009) $13,000 per individual per year (that means you can give up to $13,000 total in a year without being subject to the gift tax, not that you can give several people $13,000 each).
As always with tax questions, you should consult an attorney specializing in tax law to make sure that what you're doing is legal (if you can afford to give away thirteen large, you can afford an attorney).
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
When is cash gifting not legal?
Cash gifting is not legal when the gifting is part of a pyramid scheme. Pyramid schemes typically encourage people to pay in money, perhaps to another individual, in order to become the next person to receive money, usually 5 or 10 times more than the original stake. The problem with a pyramid scheme is there is always going to be someone at the top receiving the most money and someone at the bottom putting money in, with promises being made, and receiving nothing in return.
How much money should you pay a year for federal taxes?
You should always pay the full amount that you owe. The amount you owe will depend on how much money you make, your family size, deductions, etc. There is no rule of thumb.
Does your son pay sales tax if you sell the car to him?
Since he is the direct owner of the car once it is officially sold to him, hes does pay the sales tax Most states have an exemption available, especially if there is some gifting involved, that would avoid it. Check...it will certainly require a few forms.
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
Do shopkeepers get money that people pay?
Yes, If people pay to shopkeeper
How do you write a gift of equity letter?
The letter only needs to state that whomever is giving you the gift monies (normally a family member) is not requiring you to ever have to pay the money back that they are gifting to you.
When is cash gifting not legal?
Cash gifting is not legal when the gifting is part of a pyramid scheme. Pyramid schemes typically encourage people to pay in money, perhaps to another individual, in order to become the next person to receive money, usually 5 or 10 times more than the original stake. The problem with a pyramid scheme is there is always going to be someone at the top receiving the most money and someone at the bottom putting money in, with promises being made, and receiving nothing in return.
What do you do if your friend is jealous of your money?
* Don't flaunt the fact you have money or offer to pay for your friend everywhere you go. If you are speaking of coming from a wealthy family then there is nothing you can do about this and sometimes friends can be jealous as to things coming too easy for their wealthy friends or, if you for the money then tell the friend to get out and work for it as you do. Good friends should not be jealous to the fault of causing problems between you.
Why do you have to pay firefighters?
we should increase there pay because they save alot of your friends and family each day
800 dollars today to pay rent does anyone know a resource that I can tap in to I don't have good credit to obtain a loan?
You can always borrow money from close friends or family
What is important to Selena Gomez?
Her friends and family, and her fans since they are the ones to pay her.
Disadvantages of part-time job?
A part-time job may take time away from friends and family. A person may not make enough money to pay their bills with a part-time job.
I entered a picture likes contest on facebook and I am falling behind to 200 votes. I do not want to pay for votes no money for that. How does one go about getting more votes in a contest?
Ask your friends and family to vote for you.
Can an executor sell a vehicle to a family member even if there is not enough money to pay all creditor's?
They can sell the vehicle to anyone. That allows them to get money to pay the debts.
What if i can't pay for college?
well i can ask parents for money or a family member.
What is gonzola?
its like a dance or prom that you go to with your friends or family but you have to pay for tickets most of the time
Who goes to the wake or funeral?
family friends and people that barely know the person and would like to pay their respects go to the wake. and people who were friends and immediate family go to the funeral onlyyyyyyyyyyyyy.
