0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
When does a parent give a graduation gift the day of graduation or at the graduation party?
at the graduation
Should I give a graduation gift to coworker's child I've never met?
See great thread on http://www.mamasource.com/article/is-a-graduation-gift-required
Is a gift from child to parent treated the same as a gift from parent to child?
Parents have about the same enthusiasm when they get a present from there kids as the kids when they get a present from their parents.
What is appropriate for a college graduation gift from a parent?
anything like, and in between the price range of, a watch and a car
Can a parent gift a car to a child and write it off?
They can gift a car, but they can't write it off.
What amount can a parent give to a child without being required to pay gift taxes in 2011?
The amount a parent can give to a child without being required to pay gift taxes is $13,000.00.
Is it a crime if a parent takes a gift from the child and sells it?
It is not a crime because the parent is the legal guardian (usually) and has the right to decide what is right for their child.
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
In regards to the 10000 parent to Adult child yearly gift - is the parent allowed to gift more than one child per year 10000.00 each?
First it's 12,000. Second, per parent - (2 parents = 24K yr) Per child - as many as you've got.
How much cash is Appropriate for a graduation gift for my boyfriend's child?
Anything you can afford should be received with gratitude. You could give $50 - $100 or more depending on what you feel like giving his child. It's up to the individual.
Can a parent give a child money without the child paying any taxes?
Generally, if a parent gives a child money (or any other gift) that is below the annual gift tax exclusion amount, which is $15,000 per year in 2021, then the child does not need to pay any taxes on that gift. However, if the gift exceeds this amount, the parent may need to file a gift tax return and potentially pay gift taxes, although there are lifetime gift tax exemptions that can help minimize or eliminate this tax burden. It is advisable to consult with a tax professional for specific advice related to individual circumstances.
Can a parent give a child a monetary gift from their company account?
A parent can give a child a monetary gift from their company account. However, they will have to account for this as a business expense in their books. It can become confusing when it is time to figure profit and loss as well as taxes.
