 In California, my father wants to give me 100000 $ as gift. How much is the tax he has to pay? |
| In California, my father wants to give me 100000 $ as gift. How much is the tax he has to pay? What are the other terms and conditions apply on this scenario? I am 25 and married.... |
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 National insurance numbers? |
| could someone/anyone please help me,,i have a friend with 2 national insurance numbers,,the original,,and a temporary one,,its been 4 years and still hm tax office has been unable to rectify this,,... |
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 Where can I file my taxes for free? |
| I haven't filed my taxes yet and am looking for a recommendation for a good online tax service that is free.... |
|
 What's the biggest bill you ever got.? |
| Last week i got a bill for £52000 pounds That's not the biggest i got.Whats yours?... |
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 Why is the tax on gasoline less than the tax on cigarettes? |
| Federal and state taxes on gasoline are only about 36 cents per gallon but the combined tax on a pack of cigarettes is over a dollar. But gasoline causes way more harm than cigarettes, including ... |
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 I have problem with national british lottery? |
| The national britsh lottery (yahoo) sent to me an email on 23d march 2007 which contain a win confirmation of £ 1.200.000 pound, they recommand to me to pay £ 1900 to DHL for transfer charges fo ... |
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 I still live with my parents but plan on leaving soon (I'm an adult), can I file my own taxes if I want to? |
| I'm a legal adult and + I work full-time. I turned 18 in '05 so I've been an adult for the whole year of 2006. I have a rocky relationship with my parents and plan on leaving soon. T... |
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 Since I left school 30 years ago I have never paid a penny in income tax. I have always been self employed? |
| however I have never declared myself as such. I have never as much as had a letter in all these years from the inland revenue. I dont even think they know I exist. Anyway, My question is how many ... |
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 What is the income you have to be below in order not to file taxes? |
| my mom gets her social security check plus 2 others. her and my dad never had to file income taxes cause their income was too low. i just need to reck hers and make sure she doesnt need to file ... |
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 I am trying to get the irs to take more out of my paycheck, because my husband and I? |
| owe back taxes. I filled out a new w4 and I just claimed myself. Will this help? I didnt claim my daughter. I just got a raise and will be making 4500.00 a month. My husband makes 3600.00 monthly, he ... |
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 Do i have to pay taxes if i buy if online? |
if i buy a laptop for the office depot website online would i still have to pay taxes?
i live in michgian if that ... |
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 Letter before the check? |
| I was told that u will recieve a letter before u recieve your stimulus check, telling u when and how much u will recieve. Is this true? has anyone gotten a letter first before their check?... |
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 The more I recycle the less I should have to pay in council tax.? |
| Disagree strongly, Disagree, Neither, Agree, Agree strongly or Don’t know?... |
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StupidKupid | I received $7,000 as a gift. How do I hide it from the IRS? |
I already deposited it in the bank. Is there a way to keep the IRS from finding out? |
 |
 
Hollywood
 |
I do believe the amount of deposit that has to be reported by the bank to the IRS is $10,000. Since you fall under this, they shouldn't have reported it. If you want to hide it, you would need to remove it immediately. |
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r_kav
|
I have never seen so many wrong answers to one question!
The recipient of a gift does not have to report it to the IRS and owes no tax on it.
The giver should file a gift tax return,if giving more than 12,000 to any one person in a year. |
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Judy1
|
What's to hide? You don't owe taxes on something you received as a gift. You don't report it on your tax return either. |
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kohalakoast
 |
Gifts, whether in cash, check or property are not subject to income tax. And the giftor can not deduct them from their income taxes.
There could be a gift tax liability if the gift exceeds the current annual exemption of $12k. In any event that liability is on the giftor not the recipient.
You have no reason to hide anything |
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PepsiLime
 |
A gift is not taxable to you, so there is no need to hide anything from the IRS. The interest that you will earn from the $7,000 gift however will be reported to the IRS as interest income at the end of the year, generally as long as it's over $10. |
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rhubardpi
|
you are one smart cookie!! I might ask have you ever seen a cookie crumble? People can be charged with a felony for aiding and abbetting someone who willfully cheats the IRS and you got the willfull covered real well, in writing. Fortunately in your case, as people have told you above your gift ain't taxable. I could give you some advice on how to hide money that is taxable from the IRS, but i won't. |
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Hoorah
 |
if it was a gift I don't believe the IRS can do anything with it anyways. |
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Susan S
|
Gifts are not taxable. Period.
If Person A gives more than $10,000 in one year to Person B; the gift tax will affect Person A only. It will reduce the amount of their estate that they can pass on tax-free when they die. |
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Amy F
 |
You don't hide it and you don't need to. Gifts under the federal limit are not subject to tax. (I believe it is up to $12,000 now). And even if it was over the limit, the person who gives the gift pays the tax not the giftee. |
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curmudgeon
|
leave it be. if anyone asks you, say you once loaned this person $7,000 and they paid it back. |
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WyoWonder
|
you can receive a one time gift of up to 10,000 tax free |
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GG
|
you cannot be taxed on gifts for less than $10,000 from the IRS. Enjoy. |
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jason0423
|
should of put it in a lockbox, take it out and put it in a lockbox so it doesn't go on your statement and you might be safe |
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AskAStupidQuestion...
 |
The IRS allows a one-time (lifetime) gift of up to $11,000 (currently) that is tax exempt.
Hiding income from the IRS is tax evasion. You are asking us to be co-conspirators in that tax evasion. I'm not going to jail for you.
Anyone who gives you any advice on how to hide income is a fool. You think IRS agents never come thru here? You think they can't subpoena your info from Yahoo! if they find this? |
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KND
 |
I believe gifts are not taxed. Claim it as a gift on your taxes. Then it won't be taxed. |
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Glovez
|
No. Once you deposit more than $5,000 this money is flagged to the IRS. So you will have to tell your accountant you received the $7,000 as a gift for next year taxes. But because the money is so low you probally will not have to pay any taxes on it because most gifts are not subject to the gift tax. |
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George P
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I don't think the IRS is going to come looking for you, or everyone's bank account. However, if you get audited, you better have it claimed as a gift. |
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