 Can you and your spouse claim the same children as dependents if you both provided for them for 2007? |
| My spouse and I are filing 'Married filing Separately' this year and was wondering if we could both claim the children as dependents since he paid for the childcare and some of the clothes ... |
|
 Do I have to pay taxes if I have large amount of deposited in Bank of America? |
I have Bank Of America checking account, and I have a large amount of money transfer from my PayPal ( about over $2000/month ). Do I have to pay taxes although it is not my income?
(I will ... |
|
 Employer won't send my W2's? |
| I left my last job which I was at for 7 years, I moved, and my employer won't send me my W2's. I am still in contact with a girl who works there still, as a friend & I gave her my ... |
|
 Tax refund? |
| as i work for a company, can i claim back money on tools i buy to use for my work or is it only the company that can do ... |
|
| Stmlus check? |
| if im getting chek in mail when should i recieve it my last two no.60 they said they started early with getting the direct deposit out will i get my check early when will i get it i hve kids they ... |
|
 If i made a donation of 300$ what would i get back since it was tax deductible? PLEASE HELP MEE = D? |
| I made a donation of 300$...it was tax deductible and they gave me recipts to fill out and turn in when i do my taxes...what will i get back...will i get back everything i donated?? just curious and ... |
|
 Federal Returns Vs. State Returns. Deposited on separate dates? |
I did my taxes online with turbotax.
Today, I received by state refund in my checking account (direct deposit) but I did not receive my federal return.
Is this normal?... |
|
 What happens if you haven't filed a tax return for 6 years? |
| I just found out that my brother hasn't filed a tax return for the last 6 years. I guess it started because he thought he would owe a lot the first missed year but would of gotton a refund the ... |
|
 Why don't we replace the income tax with a sales tax? |
| I'm talking on a federal level. A tax of 15-20% would be roughly equal to what the IRS takes in in sales tax. This would be more fair to the people, because it taxes on how much they spend, ... |
|
 No stimulus check for me? |
Greetings,
As of today 5/02/08 I have not received a stimulus payment from the government. I did use direct deposit when I filed this year. Is it a logical assumption that I won't be ... |
|
 I owe irs am i still eligable to receive stimulus? |
The irs is garnishee my disability checks, Can i still apply for a stimulus check and have that amount deducted from what I owe?
I know I still have until sometime in Oct 2008.
Thanks for ... |
|
 Roth IRA question? |
| I want to open a roth IRA, but have no idea where to start, should I open up an IRA in a bank or online somewhere. Also do you have to pay income tax on the interest received every year? What are ... |
|
 WHAT DO I DO IF I DIDNT GET MY STIMULUS.... what now? |
| Well simply put i made about 6k last year with my part time job so i do qualify and i am no a dependent by any means as i did file my own tax return. however i still did not get my tax return and ... |
|
 McCain's tax return? |
| McCain's wife won't release her tax return as she files separately because she is worth more than 100mil. McCain only claims 405K. Is this the kind of person we want to continue running ... |
|
 1099 what happens if you do not include on your taxes? |
| What happens if I do not claim a 1099?What are the chances of being caught.I made about $3000.00.I would like not to claim just found out I am being 1099... |
|
|  |
Criss_Mousse | How much are taxes on a gift of cash? |
What would taxes be in the US on a substantial (maybe $40,000) gift of cash made to someone? Would both the giver and recipient be charged taxes or penalties? |
 |
 
bostonianinmo
|
The donor of the gift pays the tax. Bona-fide gifts are always tax-free to the recipient.
There is an annual exclusion of $12,000 per donor, per recipient. If a donor gives more than that to any ONE recipient then a Gift Tax return is required. Whether or not any Gift Tax will be due will depend upon the giver's lifetime gifting status. Currently the unified lifetime credit (linked to the Estate Tax exclusion) is $1,000,000. Until a donor has given taxable gifts that exceed both the $12,000 annual exclusion AND the unified lifetime credit amount, not tax will be due.
Because of the unified lifetime credit and the linkage of the credit to the Estate Tax exclusion, gift givers must keep permanent records of all gifts given and Gift Tax returns filed. The executor of their estate will need those when calculating any Federal Estate Tax due after they pass. |
|
Judy1
 |
The receiver doesn't pay tax on a gift. The giver has to file a gift tax return if he or she gives over $12,000 in one year to any one person, but might not have to pay any tax on it - there's a lifetime exemption of $1 million that they can apply the gift against if they haven't already used it up. |
|
PepsiLime
 |
Gifts are never taxable to the person who receives them. Person who gives the gift can give a gift up to $12,000 per person per year. If they exceed that amount they would have to file a gift tax return, but they have a lifetime exclusion of $1,000,000 to apply excess gifts against. So if they gave $40,000 they'd have to file the gift tax return, but not pay any taxes due to the lifetime exclusion, unless they had already used it up. |
|
CPA/PFS
 |
The first 3 responses are simply incorrect.
The 4th is correct except for the last item.
The 5th, 6th and 7th responses are correct and clarify the issues. |
|
phil b
|
First, there is an annual exclusion for gifts, which is $12,000 per year, starting in 2006. To avoid all tax, this person could give you $12,000 over three years and neither of you would pay any tax (with the $4000 balance given in year four). No forms to fill out, no taxes owed.
If a couple is giving you the money (aka parents or grandparents), they can each give up to $12,000 per year, for a total of $24,000 per donee. In this case, you could have all the cash in two years, tax-free.
Other ways to avoid taxes is to have the person actually pay for certain services. These include college tuition or medical expenses.
If you simply have to get the whole amount in one lump, it is the donor who is primarily responsible for paying the tax. |
|
davidg32
|
You can give/receive up to $10,000 a year tax-free. Why not talk to the giver and see if they'll agree to just give ten thousand a year for the next four years? That way there'll be no gift taxes...and the gift tax is rather high.
Good luck! |
|
I HATE CHIPS AND PASTA
|
I didnt think that there was tax on gifts...well not in england neways |
|
Shae
 |
I believe the tax free limit is $10,000 to one person. Try an accountant. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 31 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 4 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 6 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
