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Is a gift over ten thousand dollars taxable income if it's used to buy a house?
Wiki User
∙ 14y ago
For tax year 2009 or 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year.
For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
The instructions are available at the IRS gov web site choose within Forms and Publications
However, what you call a gift and what the IRS defines as one may be different. And many things the world calls a gift are very much taxable indeed.
For example, remember when Oprah gave everyone in the audience a gift of a car? And then the INCOME TAX on the value of that gift was indeed due by the one getting it? (As is tax on winning any game show or lottery, etc)
The same is true in most all situations (outside of family) - call it what you want that doesn't change it (bonus, gift, holiday extra, performance, good looks, etc- whatever - it's income) - if you are given ANYTHING of value the value you have been given is taxable. PERIOD
Wiki User
∙ 14y ago
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Is imputed income taxable?
Imputed income is not actual income, but is money that you have because you provide certain services for yourself instead of paying others for them, such as owning a house instead of renting. It is very hard to determine the value of imputed income and is only very rarely taxable, and only under certain circumstances.
Does Federal Income Tax get deducted from bonuses?
Sure...you can call income from your employer anything you want, (and it doesn't matter if you get paid by say, having the use of a car or house), it is income and taxable.
Is selling a house taxable income?
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
Is there taxable income on money received from the sale of a deceased sibling's house?
That depends on the laws of the county in which you and or your sibling reside. In some countries there is an inheritance tax that may have to be paid.
What A part time house cleaner made 9258.13 last year if he claimed himself as an exemption for 3650 and had 5700 standard deduction what was his taxable income last year?
you would have no money left
Is imputed income taxable?
Imputed income is not actual income, but is money that you have because you provide certain services for yourself instead of paying others for them, such as owning a house instead of renting. It is very hard to determine the value of imputed income and is only very rarely taxable, and only under certain circumstances.
Does Federal Income Tax get deducted from bonuses?
Sure...you can call income from your employer anything you want, (and it doesn't matter if you get paid by say, having the use of a car or house), it is income and taxable.
You received 1000 from deposit on house because the buyers did not come up with financing is this taxable income?
Yes. Report this amount on line 21 as other income.
Are personal cash loans considered taxable income?
I'm in need of business loan for buying a house and oven and floor and some other stuff
Does selling your house and making a profit affect your social security income?
The taxable amount of any gain on the sale of your house business property or second home (not your main home or primary residence) could cause some of your SSB to become taxable income on your 1040 income tax return. This type of income capital gain would not be included in the earnings test for the reduction of your SSB during the year before you reach your NRA.
Is selling a house taxable income?
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
How much did a house cost in 1940?
A house in the 1940's cost 6, 660 thousand dollars. This is for a median house during this time. A car cost 800 dollars.
What is average house price in america?
around 120,000 to 140,000 thousand dollars
What is the best thing to do if you bought a house for 140 thousand dollars and now its worth 50 thousand dollars?
Why did you buy it? To live in. What else can you do, but live in it. If you bought it as an investment, then you gambled, and you lost.
What is the cost to build a house in Whitehorse?
It will cost around 100 thousand dollars to 200 thousand dollars for a 2,000 square foot home. Final cost depends on builder and design materials.
The roof of my house started leaking, and I am looking for a range for the price of replacing my roof.?
Replacing a leaky roof will cost a few thousand dollars depending on shingle material, size of house, and number of tiles, but for a medium to large house with medium to high quality shingles, ten thousand dollars can be expected.
Is there taxable income on money received from the sale of a deceased sibling's house?
That depends on the laws of the county in which you and or your sibling reside. In some countries there is an inheritance tax that may have to be paid.
