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What else can I help you with?
Can the wife buy husband property?
Yes it could be a gift. There are no limits to gifts.
Should I mail ex girlfriend's gifts back?
No, you should not mail your ex girlfriends gifts to you because they are your property. If they upset you having them around then sell them.
What is a residuary gift and how does it differ from other types of gifts in a will?
A residuary gift in a will is when the remaining assets of the estate are left to a beneficiary after specific gifts have been distributed. This type of gift differs from other gifts in a will, such as specific gifts of money or property, because it ensures that all assets are accounted for and distributed accordingly.
Why are gifts of property not income to the person receiving the gift?
Because the person paying it pays the gift tax.
Can you get in trouble for befriending someone on legal guardianship who is over 18 but mentally 15?
No. Not as long as you don't exploit them, don't accept gifts of their property or let them spend any money on you. You need to be careful to not take advantage of their naivete.No. Not as long as you don't exploit them, don't accept gifts of their property or let them spend any money on you. You need to be careful to not take advantage of their naivete.No. Not as long as you don't exploit them, don't accept gifts of their property or let them spend any money on you. You need to be careful to not take advantage of their naivete.No. Not as long as you don't exploit them, don't accept gifts of their property or let them spend any money on you. You need to be careful to not take advantage of their naivete.
Is there a fee or tax if mom gives jewelry away before death?
Theoretically, there are taxes to be paid on gifts above a certain limit each year. The limit for gifts of money or property is $13,000 per recipient. With money, stocks, titled property (cars, homes), there is the ability to trace the gifts and detect whether they should be taxed. With gifts of personal items like jewelry or antiques, most likely the gift will only be taxed if the recipient chooses to declare it.
If someone inherits property while married is it considered maritial assets?
Marital property refers to most of the property acquired by spouses during their marriage. However, states vary as to what is considered marital property. Some states exclude inherited property and gifts. You need to check the laws in your jurisdiction.
What happens if someone gifts a property to a disabled person?
The fact that the person is disabled makes no difference in terms of tax or law.
Can a father take away everything that he has bought his son such as playstation computer phone clothes- just because the son chooses to live with his mother?
Actually, this is a ticklish subject. The gifts do become the property of the minor but an adult appointed as the child's guardian would need to haul the father into court to sue to get the property back? The father should be mindful to preserve the property until it is returned to his son. The father is acting like a child. It is obvious that the gifts were intended to buy the child's loyalty and just because it didn't work the father really has no right to take possession of his son's property. The son's property rights would be protected under the Uniform Gifts To Minors Act in the United States.
What is a bequest and how does it differ from other types of gifts in a will?
A bequest is a gift of personal property or money left to someone in a will. It differs from other types of gifts in a will because it specifically designates certain items or amounts to be given to a particular person or organization.
Is the money given by brother to brother is tax free?
If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit: * Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit * Gifts to your Spouse * Gifts to a Political Organization for its use * Gifts to Charities If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.
Can a minor sell the gifts his parents gave him?
Under U.S. Law, gifts are considered the sole property of whoever is currently in posession of said object (with consent of the original owner). So once someone gifts you something,it's yours and no one else's. They can't take it back from you. So you are free to sell it.
