0
What tax is payable on a gift of 10000 from a parent to an adult child?
Wiki User
∙ 14y ago
no tax if that is the only gift of that calendar year
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
If child lives with higher income parent who claims on taxes every year?
The parent who is considered the custodial parent.
What is a parent company account?
Parent company account is the parent's company in consolidated financial statments where parent and child relationship exists in group accounting.
Can you claim a child's college tution on parent's taxes?
YES
Can you claim an adult child as a dependent?
As long as they meet the qualifying child or relative tests, yes.
Can a parent get medical records of an adult child?
A parent can get the medical records of an adult child if the adult child gives express permission.
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.
Can an adult child sue a non custodial parent for the parent's assets?
Is this a trick question? If the child is legally an adult (and therefore 'emancipated') then there is no "custodial" parent.
Can an adult sue a father for not paying child support?
No, the child can not. The other parent could before the child was an adult. The money goes to the parent to use for the child and not directly to the child.
How do i submit a form for back pay child support if im the child but grew up?
Most states do not allow a child to collect back support as an adult. Although the right to child support belongs to the child, support is payable to the custodial parent to assist in the care and upbringing of that child. If the custodial parent did not receive that support, then she (or he) made contributions that should have come from the other parent, and the right to collect the back support belongs to her.
If a parent of an adult is getting back court ordered child support and the parent is gambling it away can the adult child get it directly?
extremely unlikely
Can adult child waive arrearages?
No. The custodial parent is/was the obligor, not the child.
What is Parent legal responsibility for adult child in Texas?
No, they are not.
If your undreage and the father is of age can any one keep you from the child?
Only if you prove to be an "unfit" or bad parent. The parent that is an adult has not more rights to the child because they are an adult and you are not.
Can a parent have an adult child hospitalized?
Only if the parent is the legal guardian of the child's person. If the child is a danger to herself or others, the parent can petition the courts for involuntary commitment.
Can a parent file for child support after age 19 and child is a parent of her own?
No, the filing period ended at age 18 for the parent, and age 19 for the adult child.
Can an adult child get unpaid child support in Alabama?
No, child support is not paid to the child but to the parent raising the child.
