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Is there a gift tax on money given to adult children by their parents?
No
Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
What is the tax on money or property that one living person gives to another called?
a gift tax
Why do you pay a gift tax when you receive a bonus from your employer?
It's not a "gift tax", because it's not really a "gift" legally speaking. You do pay income taxes on it, just as you would on any other income.There is such a thing as a gift tax, but it's usually paid by the person giving the gift, not the person who receives it. Yes, this applies even though the gift is presumably coming out of money on which income tax has already been paid. The purpose of the gift tax is mainly to keep rich people from doing an end run around an estate tax. If you die and leave Stately Wayne Manor to your son Bruce, there's (historically) going to be an estate tax due; the reason for the gift tax is so that you can't just hand Bruce the keys minutes before you die and say "it was a gift, not an inheritance, so no tax for you, Mr. Uncle Sam."
Do you have to pay tax on money given to you?
If the money is given to you as a no-strings-attached gift, no. Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agree to call it.
Can you gift money to your nephew under gift tax exemption?
Each state has different laws governing such transactions.
If you receive money from your grandparents do you have to pay tax?
No. They may have to pay gift tax. See discussions under that topic.
Deduct money gifts to children from income tax?
No, but within certain limits you DON'T PAY gift tax.
Can you gift money and them pay it back to you?
I want to gift money to my daughter vfor a downpayment on a home, but she wants to pay it back when she gets her income tax refund can she do this?
Is there tax on gift cards?
No. If there was, it would be dumb to get a gift card in the first place. It would be smarter to just give money.
What is the most money you can give as a gift if you win money?
Under IRS Gift Tax rules The amount of money you can give to any one person without incurring a tax liability depends on your particular tax status. But for most people, the amount was $13,000 (per person) after 2009. Couples can gift double that amount from community property. (This may increase after the 2012 tax year.)The current regulations can be found at the related link below.
What is the tax on a one million dollar gift of money?
It depends on your domicile for taxation purposes.
