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No, the recipient NEVER pays gift tax. Gifts are not income and not taxable. However, the person GIVING you the gift may have to pay gift tax on the value of the house that exceeds the annual exclusion of $15,000. They may be better off gifting you a partial ownership over several years, where each part is worth less than $15,000. If the gift is from your spouse, there is no gift tax.
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What if your house is in your husbands name and not yours how can your change it into your name instead of selling and you pay him off?
If the house is paid for he can present it as a gift and change the deed over(this will have a fee and you may need a lawyer or something). If the house is mortgaged, call the mortgage company, they will know.
Various definitions given by authors on home loan or house loan?
Home Loan is the amount from banks for property purpose that you will pay for the coming years.
What if someone gives you a house do you pay taxes?
yes. you still have to pay property taxes every year. And the "gift" of something in the form of property, or service, or whatever, is INCOME just like any other circumstance. What you call it or the form it takes makes no difference.
You are twenty three years old and you are about to buy your first house How will your taxes be affected by your mother giving you the down payment for the house It will be between 30-40 thousand doll?
Your taxes will not be affected at all. (Well, you'll have to borrow less, so you'll pay less interest, so you'll get a smaller interest deduction.) However, if your mother gives gifts totally more than $13,000 to any individual in 2009, she needs to file a gift tax return, Form 709. The amount of her gift over the $13,000 exemption will be deducted from her lifetime gift tax allowance and her estate tax allowance. Once her lifetime gift tax allowance ($1,000,000) is used up, she must pay gift tax. If she is married, her husband could give you $13,000 of the gift in order to avoid using up part of the gift tax allowance. If you have any medical or tuition bills (not student loans), your mother could pay those directly to the medical service provider or school instead of giving you a gift and they would be exempt from the gift tax and not count against the $13,000 annual allowance. Then you could use the money you normally would have spent for these things towards the house.
Should you pay tithe if you receive a cash gift?
Yes.
Does the recipent of a gift pay tax?
Gift taxes are owed by the party who gives the gift and not the recipient.
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.
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.
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
Do you have to pay taxes on gift money that was given to you?
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.
Do you have to pay sales tax for a car given to you as a gift in California?
No, there is no sales tax on a vehicle obtained as a gift in California. Others have said that yes, you do.
What do you pay a minister for performing a house blessing?
There is not a set amount to pay a minister for performing a house blessing. People offer payments as a gift of appreciation. The amount is not as important as the gesture of giving from the heart.
What do you write on back of check if its a third party check?
Pay to the order of "insert name of recipent who you giving check over to" than sign your name below
I was given a car is there a gift tax in Ohio?
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.
Does grooms mother give her son agift?
The groom's parents usually pay for the rehearsal dinner, which is their gift to the couple. Another small gift to the couple can be given. If the mother wishes to give a small gift to her son of some type, this is perfectly acceptable, although she should also give a small gift to her daughter-in-law as well. If the parents did not pay for a rehearsal dinner, then the value of the couple's gift should be a bit higher.
Do you have to pay income tax on a gift of cash from your dad?
Depends what country. Funny how definite answers are given without such basic information. Ethnocentric?
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.
