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This relates to US taxation only.
Yeah, a gift from a father to son does get taxed but there are annual exclusions. If the amount of the gift is more than $12,000 (for 2007) then it has to reported by the father and he will have to pay tax for more than that amount. However the son needn't report the gift.
The following gifts have unlimited exclusions though -
1- Gifts to SPOUSE
2 - Gifts directly to a medical or educational institution or even a political organization.
and
3- Charitable gifts
Form 709 must be filled.
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Is a bonus considered a gift and are you taxed as such?
A bonus from your employer is not a gift and is strictly income. It is in no way a gift and cannot be considered as such. It is income from your employment and is reported as wages on your tax return. The employer is required to pay half of the social security and medicare taxes and to deduct the other half from your bonus check. The bonus is the same as any other income and must be treated as such.
How much money in gifts can I receive each year before being taxed?
The gift tax is on the one who gives, not the one who receives it.
Is a gift your Grandmother Gave you of 10000 Dollars Taxable?
No. Grandmother may give away up to $12,000 per recipient per year without incurring gift tax (which is just estate tax in advance). The recipient is never taxed on a gift.
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.
What is gift tax if give house as gift?
I just gave to my house title to my son (21 years old). The title has life estate in it. Is there is any gift tax do i have to pay? or my son have to pay any tax? I live in California jamie
What is the purpose of A Prayer for My Father By Robert Bly?
To return the gift that was freely given to the son from the father. Also, for the son to reidentify or rejoin the world of men first presented to him by his father.
What gift does the father give to the son?
If your son likes/loves electronics why not gift a gaming console, if he likes sports,whichever one he likes give him some equipments for that,or if just likes doing nothing most of the time , just gift him a book and the best instead of giving him a gift , just spend time with him , remove restrictions and you and him will be happy
What type of gift is good for a first Father's Day?
Your son can help in making a mancave as a fathers day gift. What father wouldn't want a place to hang out and do what they please. That should be a fun event.
What gift do you gift for a death of a son?
it's very sad your son is death. i this no gift for this.
Man's father is my father's son?
Man's father = My father's son. My father's son = me. That man's father = me. I am the father of my son.
Is a Gift Deed or a Deed of Gift an instrument used to convey property from a father to his son?
Yes, a Gift Deed or Deed of Gift is a legal document used to transfer ownership of property from one person to another as a gift without any exchange of money. In this case, a father can use a Gift Deed to give property to his son.
Is a bonus considered a gift and are you taxed as such?
A bonus from your employer is not a gift and is strictly income. It is in no way a gift and cannot be considered as such. It is income from your employment and is reported as wages on your tax return. The employer is required to pay half of the social security and medicare taxes and to deduct the other half from your bonus check. The bonus is the same as any other income and must be treated as such.
Is it proper to give a less expensive gift to your daughter in law than to your son?
Yes and No depending on how your son is he will ether be really pleased with the gift you gave her or be jealous. But my father always used to say "if the woman is happy the man is happy" and is is so true.
If Albert's son is your son's father what is the relationship between Albert and you?
Either: Albert's son is my husband and and father of my son, Albert is my father in law. Or: If Albert's son is me, the father of my son, then Albert is my father.
What you call father's son's son?
The son of a father's son is commonly referred to as a grandson.
Does a Gift Deed be prepared for gifting a car to son by father?
Ownership of a car is transferred by the Certificate of Title not by a deed. The father would sign the certificate over to the son and the son would take the certificate to the Registry of Motor Vehicles so they will issue a new one in the son's name. In Massachusetts there is a form available at the Registry when there is no consideration to be paid and the car is a gift. Otherwise there is a mininum amount of sales tax due. The father would sign that form so the son would not have to pay a sales tax. Check at your own Registry to see if that option is available.
What man's father is your father's son?
Either your son or your nephew is the man.Your father's son is either you or your brother (including half-brother).If your father's son is you, then the original man is your son, (you are his father).If your father's son is your brother, then the original man is your nephew, (your brother is his father).Obviously if you have no brothers, than it must be your son.
