 I've been getting e-mails stating that I've won the UK lottery and other lotteries. Are they for real? |
| For some time now, I been getting e-mails asking me to help families get there money back after the death of the loved one. Isn't that embezlling. Now I'm winning all these lotteries, ... |
|
 Got a negative tax return, is it normal? |
| I am filling in my 2006 tax return by Turbo Tax on line. This is my first time to use this program. I was so surprised finally I got a negative return which means I will have to pay more tax. Is it ... |
|
 Is the tv licence a tax or a fee? |
| And do other countries charge like ... |
|
 If you don't owe anything state tax, do you have to file? |
| I was helping my parents doing their tax return. They are getting a small refund from Federal, but nothing is owe or due on state. Do they still have to file the state? The state is Arizona by the ... |
|
 I got taxed 40% on my severance pay, is that right? |
| I just got my severance check in the mail today from the company that let me go and they took out $5800 in taxes on a $14,700 payment... Can that be right? That comes out to 40% when Im in only a 25% ... |
|
 Can I file federal taxes if I have a warrant for my arrest? |
Additional Details
Will it prevent me from getting a return?... |
|
 What is tax credit ? |
In the UK, what is tax credit ?
What kind of tax credit do we have in UK ?
how many tax credit do we have in UK... |
|
 Who think everyone should have to pay the same about of taxes due to the wages, not how many kids they have? |
| Say, you make 14.00 a hr but have no kids, but you have to pay 10x's the amount as if you had 4 kids. Is this really fair? I think people playing the tax system make it harder for the people who ... |
|
 Question for Aussies about Centrelink? |
| If I sell things using paypal, do I need to declare this, even though it is tax free money?... |
|
 Should ILLEGAL IMMIGRANTS receive tax rebates this spring? |
Its being voted on that ILLEGAL IMMIGRANTS should NOT get tax rebates this spring, is that right or wrong?
Thoughts?
Additional Details
I find it hilarious that they even have ... |
|
 Extortionate prices? |
| today i was charged £3.80 for one beefeater tomato and £5.64 for two large mushrooms,i complained to the supermarket manager who said the prices were correct,in no uncertain terms i told him what ... |
|
 My husband and I were separated for the whole 2007 year, but are back together.? |
| Should we file taxes separately? We have one child. My gross income is in the lower $20,000 range and his is close to $45,000. Would we get a bigger return if we file together or separately?... |
|
 Why wouldn't a flat tax work? |
It seems like a fool-proof way of doing business. Come up with a budget--divide by the total earnings in the USA, get your percentage and leave us alone.
Other than putting countless Tax L... |
|
 Has anyone got there federal refund yet? |
Just wondering I know there is a lot of talk about people getting it tomorrow, Where's my refund is still telling my the 3rd. Some people are saying the 28th now. What the heck is going on?
<... |
|
 How do you calculate the VAT content of a purchase ? |
with UK VAT now at 15% how do I work out how to calculate the VAT proportion of a product.
... |
|
|  |
lidleanjel | I am receiving a large personal check, will I be taxed and do I have to report this to the IRS? |
I am getting a personal check from my grandparents for $19,400. It used to be in some sort of account that they had set up for my college but I am done with school and they are sending me the rest in the form of a personal check. While this was in the account it was taxed but the account was closed and the money is in their checking account. When they send this check to me, will I have to pay any sort of tax on it because the amount is large? Also because of the large amount do I have to report this to the IRS? The info that I have found leads me to think that because this isn't considered "cash" by IRS terms, I don't have to report it. Any help would be great! |
 |
 
Pengy
 |
When you go to cash it, or deposit the bank will report it because they legally have to report anything over 10K Have them split it into two checks a week apart |
|
stan c
|
I believe you are allowed 10,000 or 11,000 per year tax free. It might be best to check with an accountant or CPA before you make the deposit. Laws are changing every year on gifts from relatives. |
|
PatriotRider
|
You'll also find that whenever you deposit any amount over $9, 999 there will be a form to fill out, as the IRS tracks large deposits as a way of finding people who are laundering money...K ;o) |
|
goldenboyblue
|
good news...
no, you don't pay and neither will your parents - and no one will report it.
first of all cash over 10000 gets reported to IRS but when IRS refers to cash they mean cold hard cash - green bills - not checks.
2nd each person is allowed to give 11 or 12 thousand a year as a gift free of gift tax. your grandparents together qualify for 22000 to 24000 free of gift tax and your check is under those amounts. If it was more your parents would have to file and pay gift tax, not you. |
|
stephenweinstein
|
If it is a true gift, probably not. If they are paying you to do some work for them, that is taxable. Actually cash (paper money) would need to be reported to the Treasury Dept so that they know it is not drug money or otherwise money-laundering-related. |
|
Judy1
|
No, you don't report it - not because it was a check and not cash (a check would be considered cash) but because it's a gift.
Since each of your grandparents could give you $12,000 in a year and not have to report it on a gift tax return, if it's from both of them, they won't have to report it either since it's under the allowable $24,000 for a year. |
|
ninasgramma
|
No, you will not be taxed. No, you do not have to report this to the IRS.
It is not an unusual transaction. It is not a cash transaction and probably will not be reported to the IRS by the bank (and if it is reported it is not anything to be concerned about).
If they write you one check, your grandparents will file Form 706 to account for this gift. If they choose the "gift splitting" option on Form 706, no gift tax will be owed by them and the gift will not effect the estate taxes either.
If your grandparents want to avoid Form 706, they can each give you half the money. Each grandparent can write you a check for $9,700. No Form 706 will be required, no gift or estate taxes will be imposed. |
|
FlCpa
 |
The account was probably a 529 account - If your grandparents were the owner of the account they will owe tax on any growth in the account that was not applied to Qualified Higher Education Expenses.
If your grandparents gift you in excess of $12,000 each THEY will owe a gift tax return and POSSIBLY gift tax - not you! (Why do so many people give the wrong answer on that??)
One person mentioned that you will be asked to fill out a document for the bank - Just say that it was a gift from two individuals and you will be fine.
Good luck! |
|
lestermount
 |
You must pay taxes on gifts from family members in excess of $11,000 each year. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 35 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 4 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
9 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
