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What else can I help you with?
What would gift tax be on 75000.00?
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.
Do you have to pay taxes on a 12000 gift?
Yes.
If you give a gift of 12000 for tuition to a nondependent can you take the 12000 off of your gross income BEFORE you calculate your income taxes?
No...not deductible..if a dependent or not. It's a gift....as such, much morte than that and YOU could owe gift tax.
How much is the lifetime gift exemption?
As of 2023, the lifetime gift exemption is $12.92 million per individual, allowing them to give this amount over their lifetime without incurring federal gift tax. This exemption is part of the unified estate and gift tax exemption, which means it applies to both lifetime gifts and the value of an estate at death. The exemption amount is subject to change due to inflation adjustments and potential legislative changes. Always consult a tax professional for the most current information and personalized advice.
Does an adult daughter have to pay tax on a 12000 gift from her parent?
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
Is there a gift tax from father to daughters?
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
Can you gift money to your nephew under gift tax exemption?
Each state has different laws governing such transactions.
How can you avoid a gift tax?
If you make gifts that are less than the annual exemption, you can avoid having to pay any gift tax. In 2012 the exemption is $15,000 per person,. not including charities and not including approved educational savings funds for children.
Can you gift 12000 to your spouse?
Sure - you can actually gift an unlimited amount to your spouse without any gift tax consequences..the 12K (13 K for 2009) limit is for gifts to others.
What is the difference between the lifetime gift tax exemption and the annual exclusion when it comes to gifting assets?
The lifetime gift tax exemption is the total amount of gifts an individual can give over their lifetime without having to pay gift tax. The annual exclusion is the amount of money or assets that can be gifted to an individual each year without triggering gift tax. The main difference is that the lifetime exemption applies to the total amount of gifts given over a person's lifetime, while the annual exclusion is a yearly limit on the amount that can be gifted tax-free to each individual.
I was given a car is there a gift tax in Ohio?
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.
What is the tax ramification on a 122000 gift of equity?
Under US tax law, your lifetime federal gift tax exemption would be depleted by the amount of the gift in excess of the annual limit to one person. If the annual limit is, say, $12,000, and you give the equity to an individual, you would lose 110,000 from your $1.2 million-dollar gift tax exemption (or whatever it is when you die and your estate is distributed to non-charitable beneficiaries), not including gifts to a surviving spouse (which are estate tax-free). You could reduce the loss of exemption by giving the equity to more than one person, or spreading it over multiple years.
