Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.
90000 dollars is the gift tax of a gift of 200000 dollars.
Gift tax, when applicable, is paid by the one giving the gift,
You avoid gift tax on your property by not gifting it to anyone else. The recipient of a gift has absolutely no tax obligation.
no tax if that is the only gift of that calendar year
The tax percentage for the gift tax is generally 45 percent.
Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.
90000 dollars is the gift tax of a gift of 200000 dollars.
The recipient of a gift doesn't incur any tax liability. The person MAKING the gift must be careful not to exceed their annual exclusion ($15,000 in 2012), to avoid their having to pay the gift tax. Proper structuring over several years can avoid much of that, but it's not your problem.
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
no....
Gift tax, when applicable, is paid by the one giving the gift,
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.
In most cases, the receiver of a gift does not have to pay tax on it. The giver is usually responsible for any gift tax that may apply.
No, gift cards are not tax deductible for a business.
No, you do not have to declare Gift Aid on your tax return.