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debi149 | How much cash can someone give you before it's taxable? |
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MASaintFan
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Actually, the $11,000 limit is the amount above which you have to report the gift to the IRS. If you give below $11,000, you don't even have to tell the IRS you did it. You can do that once each year.
If you give someone more than $11,000 in any one year, you have to report the amount to the IRS. However, the giver doesn't have to pay taxes on that amount automatically. Instead, the amount is documented and added to any future gifts reported to the IRS. Once that amount hits $1 Million, then the IRS begins taxing it. Before then, nobody gets taxed on the gifts.
That's why the hubbub over the Estate Tax is such a joke (also called by some politicians the "Death Tax."). How many people do you know that will have $1 Million dollars to give to their heirs when they die (including any value of a home, for example)? I don't know too many. The Estate Tax as it is now written only affects a small percentage of the richest people in the country.
I hope that helps. |
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fcas80
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One dollar fewer than $10,000. |
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annie red
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I assume you mean legally, so that amount is 650.00 for services such as consulting or expert help. Of course cash is not taxable is the government does not know about it. |
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bugmanofatlanta
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i nelive its 20000 a year.or 40000 per couple..and so on..ask clark howard, at clarkhoward.com he will tell you |
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G_Elisabeth
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Well you can give a gift up to $10,000.00...but $10,000.01 will be taxed.
I am sure there are other things you can do to avoid taxation...sorry I don't know! |
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tonalc1
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Well, if it's cash and no paper trail, you needn't report it. If for some reason you want to report it, it's $600. |
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just_the_facts_ma'am
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$11,000 from a single person, $22,000 from a couple. But the important thing to keep in mind is that the person giving the gift is the one paying the tax, not the person receiving it.
Sounds strange, but true. The reason is that ppl could give gifts in order to avoid the estate tax |
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wry
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Taxable to whom?
If it is a gift, there is no taxes due from you. The only exception is if the person who gives you the money fails to pay the required gift tax. If this is the case, then the IRS can recover the gift tax from you.
I believee that the limit for 2006 is 11,000/22,000 or 22,000/44,000 (if both of the "givers" give to both of their son and his wife, for example). I believ that this is what is known as gift splitting ( the "givers" have to make an election on their gift tax return [tell the IRS that they want to do this]).
The other side is very complicated (the "givers"). You get into the Applicable Exclusion Amount, among other things (ah!!). If you are going to do this correctly, please seek competent professional advice.
Oh, and by the way...try to avoid dealing in cash..the IRS gets all upset over that. :-) Good luck. |
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CESSNA 172
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THE PREVIOUS ANSWERS WERE CORRECT IN 2005. AS OF THIS YEAR IT IS NOW $11,000 PER PERSON. ANYTHING IN EXCESS OF THIS AMOUNT WILL BE TAXABLE. |
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