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The IRS considers all gifts taxable, but there are exceptions. These exceptions include paying medical or educational expenses for someone, gifts to your spouse or children (up to $14,000 per year per child), political donations, and charity donations.
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Is it possible to get money for your gift cards Like take it to the bank and give them the card and then they give you money?
No, it is not possible to get money from your gift cards from a bank. However, some pawn shops do give cash for gift cards.
Can you resell prepaid gift cards and where can you do this?
Gift Card Rescue is a website that helps you cash in your gift cards. You tell them which store you have a gift card to and how much it's worth. They will give you a quote, and if you agree you can mail it in to get the cash for it.
What is the format for a cheque gift deed?
A gift deed is typically needed as documentation for tax purposes when a check gift is give. The deed should include a statement that says that the check was voluntarily given, list the value, and be witnessed.
What is Campaign Finance Reform?
Campiagn finance reform is when corporations give the one of the presidents money for their campaign. If the president that the corporation gave money to wins the campaign then the president will treat that corporation better and special.
Who gives chariable gift annuities?
Charirtable Annuities as gifts are used to give an income to a charity. They are normally used to give a give to charity but the donor gets a tax reduction in return.
Can a corporation give a car as a gift?
Yes
Do Pentecostal believe in Christmas gift giving?
It depends on the individual. I have many Pentecostal friends and am one myself, and we give gifts.
Do you give each twin their own gift for their bar mitzvah?
This is the same as any other twin gift-giving issue: Give each child a separate gift. Don't treat the pair as if they were just two half people. Each of them is completely worthy as an individual and ought to be recognized as such.
Do you have to give a present back?
Giving a present back is up to each individual. The whole concept of a present is that it is a gift. A gift, or present, is an item that is given to a person with no intentions of it being returned.
What is maximum gift amount without paying taxes for 2011?
The maximum gift you can give is $13,000 to any one individual. The amount goes up to $26,000 if you are married. Hope this helps.
What do you do if someone promises to give you a gift and they do not give you your gift after all?
Then you are disappointed. That's it. No one owes someone else a gift. A gift is a gift and not an obligation.
But you want to give a gift?
I think good gift to give is a gift card that way the person can get what they want
What is a good gift for an exgirlfriend on her birthday?
give her your love and a big gift give her your love and a big gift
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.)
You would like to give someone in need a cash gift can you claim it on your taxes at the end of the year as a chairtable gift?
No. Gifts or donations to any individual taxpayer is never deductible on your 1040 income tax return.
How can you sign your corporation over to another corporation?
You can just sell or give them all of the shares of your corporation that you own. If you give them a controlling share, they can elect themselves as directors.
What is a gift that you can give that starts with an i?
You could give an iPhone as a gift. It begins with the letter i.
