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If you gave any one person gifts in 2012 that valued at more than $15,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.
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.
Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.
There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:
- Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit
- Gifts to your Spouse
- Gifts to a Political Organization for its use
- Gifts to Charities
If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.
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∙ 11y ago
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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,
Is there a gift tax from father to daughters?
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
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.
What is the gift tax for 200000dollars?
90000 dollars is the gift tax of a gift of 200000 dollars.
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.
Is there a gift tax from father to daughters?
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
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.
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.
I was given a car is there a gift tax in Ohio?
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.
Does an adult daughter have to pay tax on a 12000 gift from her parent?
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
