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If you receive money as a gift from your parents do you have to pay taxes on it?
No.
Do you have to pay taxes on gift money that was given to you?
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to recover some or all of the gift from the recipient. The donor may owe a gift tax depending on the size of the gift and depending on what other gifts the donor has given.
What percentage of taxes is paid on 20000?
i received $20,000 as a gift how much taxes do i have to pay on the $7,000 overage
When giving a car as a gift does the receiver have to pay taxes in Ky?
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
Does the recipient of property from a quit claim deed have to pay gift taxes?
Generally, the recipient of property from a quit claim deed does not have to pay gift taxes if the transfer is considered a gift. Gift taxes apply when the value of the property exceeds the annual exclusion limit set by the IRS. The person making the gift is typically responsible for any gift tax liability, not the recipient. However, it's important to consult a tax professional for specific circumstances and implications.
What taxes do you pay if giving a car as a gift in NC?
You don't pay the taxes, the person receiving the car as a gift does.
Do you have to pay taxes on a 12000 gift?
Yes.
Does the recipent of a gift pay tax?
Gift taxes are owed by the party who gives the gift and not the recipient.
Do you have to pay taxes on a car that is a gift?
Someone has to pay taxes, yes. Contact your local Bureau of Motor Vehicles.
If you receive money as a gift from your parents do you have to pay taxes on it?
No.
Do you have to pay taxes on gift money that was given to you?
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to recover some or all of the gift from the recipient. The donor may owe a gift tax depending on the size of the gift and depending on what other gifts the donor has given.
When receiving a car as a gift do you need to pay taxes?
You will pay some kind of tax.
What amount can a parent give to a child without being required to pay gift taxes in 2011?
The amount a parent can give to a child without being required to pay gift taxes is $13,000.00.
What percentage of taxes is paid on 20000?
i received $20,000 as a gift how much taxes do i have to pay on the $7,000 overage
When giving a car as a gift does the receiver have to pay taxes in Ky?
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
Do you have to pay taxes when selling a motorcycle?
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?
If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.
