0
By the recipient, none. Tax may be owed by the donor.
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∙ 15y ago
earthly firefly5
The main evil of the government is not in the destruction of lives, but in the destruction of love and in inspiring of the separation between people. Tolstoy Superstition of the State
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What is the journal entry for gift purchase?
[Debit] Gift purchased [Credit] Cash / bank
Where do you put cash gifts given on a 1040 tax form?
Where do i put cash gift on 1040
Where can i cash in my gift cards in Louisville KY?
Raise.com
Where can I redeem my cheesecake factory gift card for cash?
No
If you are given money from your Mom as a gift is there a form to fill out to avoid paying taxes on it to the Federal government?
Filling out a form will not prevent you from paying taxes. The US has a gift tax that is paid by the giver. However, there is also a gift tax annual exclusion and a gift tax lifetime exemption. In 2009, the gift annual tax exclusion is $13,000. If the total gift for 2008 exceeds that amount, your mom will need to file IRS form 709 to report the gift. Even if the gift was over $13,000, this does not mean that she will have to pay a tax. Everyone has a $1 million lifetime gift tax exemption. So once the $13,000 exclusion is exceeded, the giver starts eating into the million dollar exemption, which also reduces the amount that can be passes estate tax free at death. No gift tax is paid until the million dollar lifetime exclusion is used up. If the gift is something other then cash, but you estimate that you that the value was less then $13,000, you may still want to file form 709 because filing the form starts a statute of limitations for which the IRS can contest the value of the gift. For example, if your mom gives you a gift you reasonable believe is a piece of art worth $10,000 (and may have appraisal done) but it turns out the value is $100,000 at the time of the gift, unless you filed form 709, the IRS can at any time attack the value of the gift. If form 709 is filed, the IRS may only attach the value until the statute of limitations expires. Of course, talk to your tax advisor regarding your personal circumstances.
Will Dollar Tree give me cash back if I purchase an item with a Dollar Tree gift card?
No
What is a good gift to give to a Realtor?
buying a a million dollar house.
How much spark cash comes from a twenty five dollar gift card?
It is 17,000 SC
Can you buy something with a Gift card then get the change back in cash?
Yup. For example if your total payment comes to $50 dollars and you have a $25 dollar gift card you can use the gift card and pay the rest off with cash.
What is the tax on a one million dollar gift of money?
It depends on your domicile for taxation purposes.
A customer is 100.00 dollar drill and two 15.00 dollar drill bits the customer has a 50.00 dollar gift card how much cash will he have to pay before taxes?
80
Can you have a 30 dollar gift card to gamestop and trade it in for cash?
No, credit on gift cards, gift vouchers, etc, cannot be redeemed for cash.
Was there ever a US 1 million dollar bill?
Sadly no. There has only been an 100,000 dollar been made. That is the highest amount of a dollar bill and it was never used in general circulation. The highest value bill in circulation was 10,000 dollars. Several novelty companies make fake million dollar bills. They sell for a couple of bucks in toy and gift stores. A few people have tried to cash them and ended up being arrested and/or jailed.
What is the acceptable dollar amount of a gift for boy to girl teens?
Between fifteen and twenty dollars. If you are a friend, it is more appropriate in a gift card rather than straight cash (unless you're very close). If you're an adult, cash is fine :)
What is a proper gift from a guest a cash gift?
Cash is a fine gift if the person you are giving it to is only an acquaintance or a person you do not know very well. If you are a guest at an event of someone you are very close to then I would suggest making the gift more personal. Even a gift card from a nice restaurant or clothing store would be nice.
What would be a good 10 dollar gift that could be used for a man or a woman?
a card or gift card
How do you change a one million dollar Washington DC bill?
There is no official 1 million dollar note ever produced by the Bureau of Engraving and Printing (BEP). You have a novelty item that sells for a couple of dollars in gift shops.
