Its recommended you contact a specialist to help you answer this question, but...
Yes,
If the adult child files the $12,000 as a monetary gift on his/her tax return, he/she should be able to write some or all of that off on his/her taxes (depending on how much money he/she makes in the year), however, the recipient of that gift would then have to pay additional taxes as result of receiving it (Yes, they tax monetary gifts, they tax everything conceivable by the human imagination).
Also,
Should the parents fail to file that they received a monetary gift of $12,000, this may result in the adult child being flagged by the IRS for an audit, it may also result in the adult child or his parents being charged with a felony/fraud or tax evasion, this is why you will need a specialist.
IE: If the adult child did not actually give the $12,000 to his parents, or they did not receive it as a monetary gift and instead it was a form of payment for some sort of goods and/or service, a car for example - in this situation the adult child should actually be paying additional sales taxes instead of receiving a tax break, or if the parents fail to acknowledge that they received a monetary gift of $12,000 at all, the adult child could face fraud and tax evasion charges.
-OR-
If the adult child actually did give a monetary gift of $12,000 to his parents, and they received it as a monetary gift, the adult child filed it on his taxes, but the parents did not, they could be charged with tax evasion, and possibly felony fraud, or heavy fines with high interest rates, depending on the situation.
Its always a good idea to keep records, in either case, it may be best to just not file it at all, depending on the child's relationship with his parents.
debit cash 12000credit ajay 12000
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Probably not. But you will NOT know the correct answer until you fill out your 1040 federal income and state income tax return correctly down to the last lines where it says taxes owed or tax refund amounts.
No...not deductible..if a dependent or not. It's a gift....as such, much morte than that and YOU could owe gift tax.
How much income tax do you have to pay on 12000? In: http://wiki.answers.com/Q/FAQ/2083, http://wiki.answers.com/Q/FAQ/3440[Edit categories]Read more: How_much_income_tax_do_you_have_to_pay_on_12000
Expressed in monetary value, twelve grand is equal to 12,000 of the particular unit of currency.
12000
36000 ' = 12000 yd36000 ' = 12000 yd36000 ' = 12000 yd36000 ' = 12000 yd36000 ' = 12000 yd36000 ' = 12000 yd
3.9% of 12000= 3.9% * 12000= 0.039 * 12000= 468
17% of 12000= 17% * 12000= 0.17 * 12000= 2,040
42% of 12000 = 42% * 12000 = 0.42 * 12000 = 5040
12000
Half of 12000 is the same thing as 12000 divided by 2. 12000/2=6000. So 6000 is half of 12000.
12000 as a percentage = 12000 * 100% = 1200000%
how many tens,hundreds, and thousands in 12,000
4.00 percent on 12000 = 4804% of 12000= 4% * 12000= 0.04 * 12000= 480
24000