approx 75 rs.
The 10% and the 15% marginal tax brackets.
You do not incur ANY gift tax on gifts you receive, so you could receive an infinite number of gifts and owe absolutely no tax.
You would take off the annual exemption of 15,000 (in 2012) and calculate the tax on the remaining $60,000, which could be as much as 50 percent. However, the gift giver can apply part of their lifetime gift tax exemption and not pay any tax.
You will not know these numbers until you complete your federal 1040 income tax return correctly and correctly until you get to the last line where it says amount of tax you owe.
90000 dollars is the gift tax of a gift of 200000 dollars.
No federal tax. You need to consult a CPA or tax accountant to find out if any state inheritance tax applies or not. You did not mention what state this is for.
The 10% and the 15% marginal tax brackets.
You do not incur ANY gift tax on gifts you receive, so you could receive an infinite number of gifts and owe absolutely no tax.
You would take off the annual exemption of 15,000 (in 2012) and calculate the tax on the remaining $60,000, which could be as much as 50 percent. However, the gift giver can apply part of their lifetime gift tax exemption and not pay any tax.
The tax percentage for the gift tax is generally 45 percent.
You will not know these numbers until you complete your federal 1040 income tax return correctly and correctly until you get to the last line where it says amount of tax you owe.
90000 dollars is the gift tax of a gift of 200000 dollars.
The recipient of a gift does not pay any taxes on it.
In most cases, the receiver does not have to pay gift tax on the gift they received. The responsibility for paying gift tax typically falls on the person giving the gift.
gift = no sales tax
people earning 35000 pay 10 percent tax, while people earning 100000 pay 30 percent tax
no....