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How do you avoid gift tax?
You avoid gift tax if you make gifts that are either exempt or less than the annual exclusion (which is $15,000 per person in 2012).
Under which circumstances must you pay a gift tax?
Generally, you pay gift tax when your gift exceeds the annual exclusion for the person to whom you are giving it, which is $15,000 in 2012. However, there are other exceptions, and a lifetime exclusion of $5,000,000 that might be useful.
Does the annual gift tax exclusion include daughter-in-laws?
The exclusion includes ANYONE other than your spouse, meaning you can give anyone up to $15,000 each year (in 2012) without having to pay any gift taxes.
Can you give your child your house without incurring federal gift tax?
Yes, but not in portions that exceed your annual exclusion.
When must a gift tax be paid?
If you give someone more than $15,000 per annum (as of 2012), but you can deduct that tax obligation from your lifetime gift tax exclusion.
How do you avoid gift tax?
You avoid gift tax if you make gifts that are either exempt or less than the annual exclusion (which is $15,000 per person in 2012).
Under which circumstances must you pay a gift tax?
Generally, you pay gift tax when your gift exceeds the annual exclusion for the person to whom you are giving it, which is $15,000 in 2012. However, there are other exceptions, and a lifetime exclusion of $5,000,000 that might be useful.
Would you have to pay a gift tax or income tax on a gift in the amount of 105000?
Not if you're the one receiving it. Gifts are not income. Gifts are not taxable. The person who GIVES you the gift must not exceed their annual exclusion ($15,000 in 2012) if they don't want to incur gift tax liability.
Does the annual gift tax exclusion include daughter-in-laws?
The exclusion includes ANYONE other than your spouse, meaning you can give anyone up to $15,000 each year (in 2012) without having to pay any gift taxes.
Do you have to pay gift tax for handicapped van gift?
Yes, if the value exceeds the annual exclusion amount of $15,000 and the recipient is not your spouse or a charity.
Can you give your child your house without incurring federal gift tax?
Yes, but not in portions that exceed your annual exclusion.
When must a gift tax be paid?
If you give someone more than $15,000 per annum (as of 2012), but you can deduct that tax obligation from your lifetime gift tax exclusion.
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.
Do I have to pay gift tax on a new car I buy for my son?
You do if the value of what you give him in a single year exceeds your annual exclusion of $15,000 (in 2012). You could give him half of a $30,000 car this year and the other half next year and not owe any gift tax at all.
Is land transferred by deed subject to a gift tax?
The recipient of a gift never pays gift tax; that is on the gift giver to pay. If the value of a quitclaim exceeds the annual per-person exclusion (currently $15,000 in 2012), you can simply give divided shares over several years, where each share in a given year is worth less than the annual exclusion. I recently came across a "tax-free transfer" of real estate carried out over 6 years, giving one sixth of the ownership each year.
Who has to file a gift tax return?
A person making a gift that is more than their annual exclusion must file the Form 709 and pay the necessary taxes on the non-exempt gift.
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.
