anyone can accept a tax free monetary gift if it is under 10,000 above that and you have to pay taxes on the gift. this is usually done when older relatives want to help out young nieces and nephews etc.
45 percent
As long as it is under the amount that requires a Gift Tax Return to be filed. This would depend on the year and form of the gift being given.
No, your gift must simply be less than the annual tax-free amount, which is $15,000 per year in 2012.
Its recommended you contact a specialist to help you answer this question, but... Yes, If the adult child files the $12,000 as a monetary gift on his/her tax return, he/she should be able to write some or all of that off on his/her taxes (depending on how much money he/she makes in the year), however, the recipient of that gift would then have to pay additional taxes as result of receiving it (Yes, they tax monetary gifts, they tax everything conceivable by the human imagination). Also, Should the parents fail to file that they received a monetary gift of $12,000, this may result in the adult child being flagged by the IRS for an audit, it may also result in the adult child or his parents being charged with a felony/fraud or tax evasion, this is why you will need a specialist. IE: If the adult child did not actually give the $12,000 to his parents, or they did not receive it as a monetary gift and instead it was a form of payment for some sort of goods and/or service, a car for example - in this situation the adult child should actually be paying additional sales taxes instead of receiving a tax break, or if the parents fail to acknowledge that they received a monetary gift of $12,000 at all, the adult child could face fraud and tax evasion charges. -OR- If the adult child actually did give a monetary gift of $12,000 to his parents, and they received it as a monetary gift, the adult child filed it on his taxes, but the parents did not, they could be charged with tax evasion, and possibly felony fraud, or heavy fines with high interest rates, depending on the situation. Its always a good idea to keep records, in either case, it may be best to just not file it at all, depending on the child's relationship with his parents.
You can give up to $15,000 to anyone, ever year (in 2012), without incurring any gift tax liability. Gifts to your spouse are completely tax-free.
45 percent
As long as it is under the amount that requires a Gift Tax Return to be filed. This would depend on the year and form of the gift being given.
Tax rules vary from country to country. So, the question needs to be more specific. Generally speaking, taxes levied on inherited wealth are called estate duties. India, for instance, had a regime of estate duties for a long time, but it was done away with a few years ago. Income Tax is levied on one's income, and if it is a gift one receives, Gift Tax is payable, if the concept of Gift Tax is in the tax canons of a particular country, otherwise Income Tax will have to be paid on the monetary value of the gift, either by the donor or by the recipient. Normally, a threshold is prescribed for the monetary value of the gift, the gift valued above which only attracts tax.
Yes.
No, your gift must simply be less than the annual tax-free amount, which is $15,000 per year in 2012.
No deduction on your income tax return for gifts to anyone.
Its recommended you contact a specialist to help you answer this question, but... Yes, If the adult child files the $12,000 as a monetary gift on his/her tax return, he/she should be able to write some or all of that off on his/her taxes (depending on how much money he/she makes in the year), however, the recipient of that gift would then have to pay additional taxes as result of receiving it (Yes, they tax monetary gifts, they tax everything conceivable by the human imagination). Also, Should the parents fail to file that they received a monetary gift of $12,000, this may result in the adult child being flagged by the IRS for an audit, it may also result in the adult child or his parents being charged with a felony/fraud or tax evasion, this is why you will need a specialist. IE: If the adult child did not actually give the $12,000 to his parents, or they did not receive it as a monetary gift and instead it was a form of payment for some sort of goods and/or service, a car for example - in this situation the adult child should actually be paying additional sales taxes instead of receiving a tax break, or if the parents fail to acknowledge that they received a monetary gift of $12,000 at all, the adult child could face fraud and tax evasion charges. -OR- If the adult child actually did give a monetary gift of $12,000 to his parents, and they received it as a monetary gift, the adult child filed it on his taxes, but the parents did not, they could be charged with tax evasion, and possibly felony fraud, or heavy fines with high interest rates, depending on the situation. Its always a good idea to keep records, in either case, it may be best to just not file it at all, depending on the child's relationship with his parents.
You can give up to $15,000 to anyone, ever year (in 2012), without incurring any gift tax liability. Gifts to your spouse are completely tax-free.
The tax percentage for the gift tax is generally 45 percent.
90000 dollars is the gift tax of a gift of 200000 dollars.
gift = no sales tax
Yes if they inherit something of monetary value. Everybody who inherits something of monetary value pays inheritance tax.