0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Does the donee have to pay income tax on a gift?
No. If any gift tax is due, it is the responsibility of the donor. However, in extreme cases, the IRS may try to claim the gift if the donor fails to pay tax.
Do you pay income tax on a gift from your parents?
There is no income tax due on gifts, and there will be no gift tax unless the gift exceeds $12,000 per individual. (A married couple can each give $12,000 - so they could give their son $24,000 and their daugher-in-law $24,000 for a total of $48,000 gifted in each tax year.)
What is the gift tax for 200000dollars?
90000 dollars is the gift tax of a gift of 200000 dollars.
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."
Who pays tax on 20000 gift to another person?
Gift tax, when applicable, is paid by the one giving the gift,
Does the donee have to pay income tax on a gift?
No. If any gift tax is due, it is the responsibility of the donor. However, in extreme cases, the IRS may try to claim the gift if the donor fails to pay tax.
Do you pay Tax on car gift in Ohio?
No. There is a limit of $12,000 annually for a single person to give away as gift. And if any tax is due on the gift, it is paid by person who makes the gift and not the recipient.
Do you pay income tax on a gift from your parents?
There is no income tax due on gifts, and there will be no gift tax unless the gift exceeds $12,000 per individual. (A married couple can each give $12,000 - so they could give their son $24,000 and their daugher-in-law $24,000 for a total of $48,000 gifted in each tax year.)
What is the tax percentage for gift tax?
The tax percentage for the gift tax is generally 45 percent.
When giving a car as a gift what taxes does the person receiving the gift have to pay in Washington?
None. See: http://www.dol.wa.gov/vehicleregistration/usetax.html * If you can provide proof that the person who gave you the vehicle or vessel paid sales or use tax on the vehicle or vessel, no use tax is due. * If the person who gave you the gift owned the vehicle for 7 years or more and is from a state or province with sales tax, it will be assumed that tax was paid and no proof is needed. * If the vehicle or vessel is coming from a state or province without sales or use tax, use tax is due.
What is the gift tax for 200000dollars?
90000 dollars is the gift tax of a gift of 200000 dollars.
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."
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.
