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Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
Is there tax on gift cards?
No. If there was, it would be dumb to get a gift card in the first place. It would be smarter to just give money.
How much can you give without incurring gift tax to siblings?
You can give up to $15,000 to anyone, ever year (in 2012), without incurring any gift tax liability. Gifts to your spouse are completely tax-free.
How much money can you give your spouse tax free?
As much as you want to.
How much money can you get without paying a gift tax?
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.
Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
Is there tax on gift cards?
No. If there was, it would be dumb to get a gift card in the first place. It would be smarter to just give money.
How much can you give without incurring gift tax to siblings?
You can give up to $15,000 to anyone, ever year (in 2012), without incurring any gift tax liability. Gifts to your spouse are completely tax-free.
What is the most money you can give as a gift if you win money?
Under IRS Gift Tax rules The amount of money you can give to any one person without incurring a tax liability depends on your particular tax status. But for most people, the amount was $13,000 (per person) after 2009. Couples can gift double that amount from community property. (This may increase after the 2012 tax year.)The current regulations can be found at the related link below.
How much money can you give your spouse tax free?
As much as you want to.
How much money can you get without paying a gift tax?
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.
Legally how much money can a parent give a child?
There is no limit on the amount of money a parent can give to their child as a gift. However, for larger amounts, it's advisable to consult with a tax professional to understand any potential tax implications or regulations that may apply.
How much money can your mother give you without you having to pay a tax?
You won't believe this until you check with someone and verity it. If your mother gives you a gift of more than $13,000, your mother owes gift tax on the amount over $13,000, not you. You do not even claim it as income. See link
In Michigan Is there gift tax associated with a used car?
if you give a relative a used car in michigan,is there a gift tax
How much money can you gift tax-free to your son or daughter each year?
You can give $13,000 in 2009 (the number changes most years) without having to report it or file a gift tax return. If you give more than that, you have to file a gift tax return. The excess over $13,000 is subtracted from both your lifetime gift tax allowance and from your estate tax allowance. Once your $1 million lifetime gift tax allowance is used up, you have to start paying gift taxes. Once your estate tax allowance is used up, after your death your estate will have to pay estate taxes. Note that tuition paid directly to an educational institution or medical bills paid directly to a medical services provider on behalf of your child (or anyone else) do not count. You can pay as much of either of those as you want and it will not count against your annual or lifetime limits.
What is publication 950?
This publication provides a general understanding of when federal estate and gift taxes apply and when they do not. It explains how much money or property you can give away or leave to your heirs before tax will be owed.
How much money can you give as a gift in 2010 to your son?
You can give as much as you like ... as long as you pay the gift tax on any amount over $13,000.If you gave more than that to any one person, you would have to pay a "gift tax" of 35% on the amount exceeding $13,000. (The $13,000 "resets" for each recipient, though, so if you have two sons, you can give each of them $13,000 before you'd be required to pay the tax). Also, the $13,000 is per person making the gift as well, so you can give $13,000 to your son and your spouse, assuming you have one, can also give $13,000 to your son.)You should really see a tax professional about this, because there's a lifetime credit that can be applied (so you may not wind up paying the tax after all) and it can get fairly confusing in terms of what you're required to report, what forms you need to file, and how to do all the calculations.
