 UK: Are U exempt from Council tax if parent at home receives Attendance Alowance? |
My Mum recieves AA. She part own her home. Are her children entitled to full Council tax rebate whether they are employed or otherwise?
Additional Details
Forgeot to add, IF THE GROWN CHI... |
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 Income tax return? |
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 Im not be greedy but can i claim anything else? |
Hi there,
I dont want to sound greedy........
My partner and i had a child 7 months ago and my maternity allownce has just finished and we are starting to struggle his wages vary each month ... |
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 Stimulus Rebate Letter..We Didnt Get One.....? |
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 Claiming my kid on my taxes? |
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 My husband claimed 6 tax exemptions... Is that too much? |
My husband just started a new job. When filling out the tax papers, he claimed 6 tax exemptions.
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 About how much money would you owe, making $35,000.00 and getting a 1099 form? |
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 Taxes Not Being Withheld on Paychecks, W-4 Form Concern? |
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 Is it best to overpay Uncle Sam and get a tax refund, or get more in your paycheck....? |
and receive little to no tax refund?
which option would give us more money in the long run?... |
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elisantosperez | How would you classify a monetary gift ($50,000)received from your parents in a tax return? as income? |
this is for a tax homework |
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silvercomet
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It's income, Bubbie. Report it. |
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Steve W
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It is a gift, and they have to report it as such. Gifts are NOT income.
Since this is for tax homework - remember the exclusion, and you have to decide if they will split it, so it really looks like two gifts of $25,000 each.
Is this an income tax class or a gift tax class? Income tax - the recipient does nothing with it. Gift tax, they split, exclude, and report the taxable amount of the gift. |
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wperezsf
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Is the gift from inside the United States, or are the parents living outside the US?
If the parents live out the the US, the recipient may have to report the gift on IRS Form 3520. Also, if the parents are US taxpayers they will need to file a gift tax return. |
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rpf5
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The first $20,000 is considered a "gift", the rest is income. |
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extra_37
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Gifts are tax-free to the recipient. The tax will be paid by the giver (parents) on a gift tax return, on the amount that exceeds the statutory minimum for the year the gift was made. |
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dutch94199
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You would not report the income. Your parents would report the gift given on a 709 Gift Tax Return. They would pay the taxes on the gift after reducing it by the gift exclusion. |
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send_felix_mail
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I thought you were not taxed on gifts. I really don't think you are. Report it as a gift. |
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epizan
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It is my understanding that there is an $11,000 limit on gifts.
After you talk to your cpa let us know what they said. |
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Rjmail
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It depends on what the money was given for. There are various gift tax issues, limits, exemptions, etc. |
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