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When a family member gives another family member a large monetary gift who pays the gift tax?
Wiki User
∙ 17y ago
If you gave any one person gifts in 2006 that valued at more than $12,000, 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.
Wiki User
∙ 17y ago
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What is a forgivable loan?
A forgivable loan is a monetary incentive used in the securities business to lure a financial advisor from one firm to another. For example, a securities company gives you a loan of $100,000 - forgivable in four years in equal amount of $25,000 - if you move your book of business to them. You are taxed on the imputed interest each year on the forgiven $25,000. At the end of four years your loan is completely forgiven by the firm.
Meaning of financial and non-financial motivation?
when a business gives the business a business and then the business give a business a business and then another business and then another business a business after business
What is voluntary exchange?
A voluntary exchange is when someone gives another something of value willingly. When you purchase items from the store it is considered a voluntary exchange.
Does the rescission rule apply in a streamline mortgage loan?
Generally, a streamline mortgage is a refinance. Federal law gives borrowers certain rights to back out of certain mortgages such as refinances with another bank and equity credit lines. You can read more about it at the link below.Generally, a streamline mortgage is a refinance. Federal law gives borrowers certain rights to back out of certain mortgages such as refinances with another bank and equity credit lines. You can read more about it at the link below.Generally, a streamline mortgage is a refinance. Federal law gives borrowers certain rights to back out of certain mortgages such as refinances with another bank and equity credit lines. You can read more about it at the link below.Generally, a streamline mortgage is a refinance. Federal law gives borrowers certain rights to back out of certain mortgages such as refinances with another bank and equity credit lines. You can read more about it at the link below.
Does having credit have monetary value?
Literally, no; a line of credit just gives you access to funds. But practically speaking, good versus bad credit can directly impact your money as it will qualify you for better or worse terms on a contact, so the actual amount you end up paying for borrowed funds will be less or more based upon the APR you qualified for.
How does the family readiness group benefit the spouse and or family member?
Gives a sense of belonging
What do family feud contestants do after a family member gives a bad answer?
good answer laugh get mad roll eyes
What is better price wise family cell plan or one for the individual?
it is generally better to go with a family plan because it gives you one rate for one member then a lower rate for adding a line or family member to the plan.
What is a mafia member called?
in the mafia wars game, your mafia members are your family, call them what you like each person has their own character name which you could use in general discussion you can just say 'family member' e.g. you helped a family member do a job if you mean the ranked positions, your 'top maifa', then you have mastermind, wheelman, button-man, bodyguard, safe cracker, and bag man recruiting a member of your family into these positions gives you bonuses and also gives bonuses to the person you promote
Is the recipient responsible for monetary gift taxes?
No, the one that gives it is
Are there any websites that will give me tips on how to set up a family intervention to try and get a family member into rehab?
http://www.ehow.com/how_5690240_plan-family-intervention-alcoholics.html This site gives great directions on dealing with alcoholism. These steps can be implemented in many other troubles your family member may be in.
Is kissing your big sister bad?
It depends on the type of kiss. Romantic kisses, long kisses, passionate kisses, open mouth kisses are not good among siblings. However, a quick smooch or peck on the cheek like any family member gives to another is fine. You are just showing affection toward a family member in that case, which is normal.
What person should give value as a family member?
Each and every family member gives/has value as each is a potential child of God (see 2 Corinthians 6:18). Each has a specific role and the children are to learn from the parents.
What is it called when the court gives you a monetary sum because of the loss you suffered?
Compensation.
'Do Saguaro cactus gives oxygen'?
Saguaro Cacti are a member of the Cactaceae family and are succulent plants. A Saguaro Cactus can produce oxygen at night.
Did he 'give away' Daneel Harris at her wedding to Jensen Ackles?
Please identify who is the 'he' you are referring to. Traditionally the bride's father 'gives away' the bride. Sometimes if the bride's father is unavailable, another male family member/friend of the family will fulfill this role. A new trend is for both parents to 'give away' the bride.
How do you join crazy redd's family?
talk to the villagers until one gives you the pass code, then when youre in the tent , give redd the amount of bells required to become a member
