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Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
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Do you owe any gift tax if your house is transfered to your daughters name?
Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.
What is the gift tax for 200000dollars?
90000 dollars is the gift tax of a gift of 200000 dollars.
Who pays tax on 20000 gift to another person?
Gift tax, when applicable, is paid by the one giving the gift,
How do you avoid gift tax on a property you received 8 months ago.?
You avoid gift tax on your property by not gifting it to anyone else. The recipient of a gift has absolutely no tax obligation.
What tax is payable on a gift of 10000 from a parent to an adult child?
no tax if that is the only gift of that calendar year
What is the tax percentage for gift tax?
The tax percentage for the gift tax is generally 45 percent.
Do you owe any gift tax if your house is transfered to your daughters name?
Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.
What is the gift tax for 200000dollars?
90000 dollars is the gift tax of a gift of 200000 dollars.
Mother and father own home and want to add me to title Will I be liable to gift tax?
The recipient of a gift doesn't incur any tax liability. The person MAKING the gift must be careful not to exceed their annual exclusion ($15,000 in 2012), to avoid their having to pay the gift tax. Proper structuring over several years can avoid much of that, but it's not your problem.
What is sales tax on car if the car is a gift?
gift = no sales tax
Is Gift tax is a direct tax?
no....
Who pays tax on 20000 gift to another person?
Gift tax, when applicable, is paid by the one giving the gift,
What is the difference between an estate tax and gift tax?
Estate has to do with when someone dies. Gift tax has to do with when someone makes a gift of larger than a certain value.
Do you pay sales tax on a car in MA if it was a gift?
There is no tax on a car given as a gift in MA.
How do you avoid gift tax on a property you received 8 months ago.?
You avoid gift tax on your property by not gifting it to anyone else. The recipient of a gift has absolutely no tax obligation.
Who passed a tax on newspapers?
Daughters of Liberty
When would someone need a gift tax?
A gift tax is very rare and most Americans don't need to pay tax on ordinary gifts. The person who gives the gift, not the person who receives it, must pay the tax.
