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No. Grandmother may give away up to $12,000 per recipient per year without incurring gift tax (which is just estate tax in advance). The recipient is never taxed on a gift.
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If you had 250 million people gave each one 1 million dollars how much money would you need?
250 Trillion dollars
Where is my income taxable if the company is in ny but I work partly in NJ?
The general rule is that you income is taxable in BOTH the state where you work and the state where you live. Some states have reciprocal agreements, but NY and NJ do not. But NY has its dreaded telecommuter tax. If your employer requires you to work in NJ, the income you earned in NJ would not be taxable in NY (unless you live in NY). If your employer gave you the option of where to work, for example if they let you telecommute from your home in NJ, NY still considers the income to be taxable by NY. NJ would consider any income earned while working in NJ to be taxable in NJ and all income earned by a NJ resident, no matter where, to be taxable in NJ. Yes, it is possible for the same income to be taxable in two different states. If you live in NY or NJ, the state where you live will give you some credit for the taxes paid to another state to offset some of the double taxation. But if you live in a third state, you could be really screwed if you have income taxable by both NY and NJ, since your state would not let the credit they give you exceed the amount charged by that state.
Does a taxpayer have taxable income from debt that was canceled in a decedent's will?
The answer is No (with no qualifiers). That's what I answered for a tax test and it was correct. I'm not sure what the above relies on other than not being marked wrong. cancellation of debt is income. If it is cancelled by the estate of a decedent it would be taxable just as if he was alive, or maybe more descriptively, as if he gave the recepient that amount in the will. (As inheritance is generally taxable). Certainly there are many qualifiers as in any tax consideration. Consider how foolish any other result would be: Someone gets a 100K bequest - taxable. His brother gets the same, but collects it earlier as a loan, and now it is in the will to forgive the loan. The next brother got it earlier, with no actual loan note nor forgiveness...hence it was "gift taxable" AND reduced the exclusion for lfetime gifts.
Is there a tax write-off for me to gift to any family members?
Gifts under $14,000 are not taxable to the recipient and there is no tax deduction for the giver. Gifts are the annual $14,000 threshold may incur a gift tax up to 40% for the taxpayer that gave the gift.
What amount can I give to my children per year that is tax free?
== == There is no "income tax" on gifts in the USA, so you can give any amount you want. However, when you die, the estate taxes owed will be increased by the amount by which you exceeded your life-time gift tax exemption (gave away too much, currently well over a million dollars), not including the annual exclusion, per person, which is presently around $11,000. You can give up to $11,000 per child (or to anyone else) per year. If you are married, your spouse can do the same thus increasing the annual gift to $22,000 to that same person. Beyond that amount, your estate will be responsible for the taxes, if you're lucky enough to die with a taxable estate and gave non-exempt gifts over a million dollars. The amount changes from time to time, so check with your accountant or estate planner.
What are the family possessions still in your family?
My family has my Great Grandmother's bible. My Great-Grandmother gave it to my Grandmother who gave it to my Mother who gave it to me. When my oldest child gets married I will give it to her.
What is 1 percent of 1 million dollars?
10 thousand dollarsTo explain, 1% is the same as 0.01 which is also the same as dividing by 100. To divide by 100, move the decimal point 2 places to the left:1 million = 1000000. so moving 2 places left gives 10000.00
What was the reward for catching john Caesar?
they gave the person 10000
If I received a 1099 a is that money all taxable income?
Depending on whether the "sale" gave you a deductable loss, or a taxable gain you might or might not be liable to income tax.
What did Jim's grandmother do with the mushrooms Mrs. Shimerda gave to her?
Threw them away
Did Aaliyah's Grandmother Give Her An Orangatan?
yes, she gave , and her name is Lina
What did Jim Burden's grandmother do with the mushrooms Mrs. Shimerda gave to her?
Threw them away
Who gave anna mae bullock her name anna mae bullock?
Her grandmother
How do you use the word garnet in a sentence?
My grandmother gave me a garnet ring for my birthday.
Can you freeze applesauce?
Yes. My grandmother use to and gave it to me as a treat when I was a child. I loved it.
What is the difference between a mother and a grandmother?
The difference is that your mother gave birth to you. Your grandmother is either your mom's mom or dad's mom. Your mother was born one generation ago and your grandmother was born two generations before you.
Who gave birth to Goku Jr.?
nobody knows, we only know that pan was his grandmother
