My mother claimed me on her taxes, but a letter told her that only children born after december 1990 are eligible for the extra 300 dollars. Additional Details okay im sorry i didnt add ...
I have seen a job that is paying £36,000 pa Gross. How do I calculate the ammount of Tax and Ni Contributiions to arrive at a monthly nett figure?
I do not have any outstanding tax from ...
Say "jim" was together with "sally" for 5 years and they were common law, and sally had a child. Jim took care of the child but was not the biological father and unfortunately ...
You pay a tax on the income that you earn and file it with the IRS but do you really have to? So why are you paying and who will get rid of it? The truth to this answer will shock you. A...
If over the past few years when the £ has been getting stronger against the $ and fuel is bought in $, why has it been getting more expensive for us ? Have I missed something or am I just not ...
Hi my fren has applyed for PAN Card in NSDL on 9-09-2008, Acknowledgment Number:061900100010545, But still it shows it is under process why it is too late? why these people make deley?...
Will we gain anything by bailing out the banks, as I am sure the Bankers will still make sure they get their fat christmas bonuses even though they have messed everything up.
They ought to make ...
One grandbaby is 13 1/2 months old and has olny lived outside of our home for maybe 2 whole months. The other baby is 9 months old has has lived here for 6 months. The parents totally believe that ...
I work as an independent consultant providing advisory services. My pay is gross with no deductions for advisory services to my clients in my consulting business.
Specific questions are:<...
Helen A
Can my Mum give me a lump sum tax free?
My Dad died recently and everything went to my Mum, she wants to give me and my brother a lump sum each, but we are unsure of the tax implications - can anyone help?
I'm sorry for your loss. I believe you can give an amount every year tax free (I have in my head around £3000 but i might be making this up) If I were you, I'd contact the citizen's advice bureau or tax office to find out for sure - good for you for staying on the right side of the law. tax evasion only leads to even higher taxes in the long run!
Mrs G
Who is going to tell anybody ? You - Your Mum - ? Mums the Word... I wont tell anyone..
confucious says
no tax liabilty on a gift however if your mother dies within seven years a tax liabilty will be incurred as the gift will form part of the mothers estate as the years pass the liabilty will be reduced pro rata
Onestep downfrom God
Subject to any Inheritance Tax implications, and assuming he didn't die intestate, why don't you just vary the will? It's a very simple process and means that the funds come direct to you from your father's estate.
As long as the amount given to you and your brother is less than £300,000 there are no IHT implications or taxes due.
Alternatively, if it's a small amount (under £3000) she could make the gift as part of her annual allowance.(£6000 as you can use last year's).
jamand
It is a gift from your mum - so no problem
Huge
Your fathers estate will be subject to tax based on the total amount he left. Your mother has to settle the tax due. Even so if they had a shared account she can legitematly draw from that account and only your father share of that account is subject to tax. The same applies to other assets held in joint ownership. If you visit the probate office they can supply you with all the necessary advice in booklets on what tax limits apply.
beverley.newman1@btinternet.com
Ask the CAB what the figures are for annual gift allowances for children by their parents.It used to be £6K but may have gone up now.Also I believe tax may be payable if your Mum was not to live for 7 years from the date of the gift.It is awful that you have to go to these lengths for her to give you money that is hers and has been paid tax on anyway.Sorry for your loss.
mrsclaura
sorry for your loss. if the money is a gift they can't touch it. plus who's going to tell?? not me x
btomaselli
In the US, this is a very tricky situation. There are limits to how much you can give here without the IRS getting involved. Check with a financial advisor in your area to make sure.
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
