 Tax fat people.? |
Obesity is a major health hazard, affecting 20% of Westerners.
Isn't it time the community provided tax incentives for people to lose weight?
Some will argue that such a ... |
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 Married 2007 filed single for 2008...what should I do? |
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 I have been told that I am A winner of the sum of £500,000.00 and the couriers name is TNT International,? |
| but they have told me before the issue of this substantional amount that I would have to pay the couriers the sum of £379.00, which is not in my means, please could you advise me as to what to do ... |
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 Do kids have to pay taxes? |
| i am 14 and have my own business. do i have to pay taxes at the end of the ... |
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 The UK spongers? |
hi i fell ive worked enough so i was wondering how you felt about me quiting my job and just sitting around all day going on the dole i mean alot of other people dont give a sh.it so why should i
... |
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 So, it's may 2nd, and i still haven't received my stimulus rebate check. and my SSN 2 ending # is 12.? |
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 I've just recieved the following email..? |
I've just been sent this e-mail from the HM Revenue, i don't have a clue what it's about though or why they've sent it to me! Here's what it says :
Inland Revenue T... |
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 Has ANYONE received their tax rebate via direct deposit? If so, what are the last two on your ss? |
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 Can yo get arrested for non paying taxes on time? |
| my friend is independant contractor, still paying his taxes from 2006, and he still have to pay around $650 us dollars and irs previously gave him until this april 12 to pay it all, but he is ... |
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 Have you ever heard of getting more money back than what you paid in taxes? |
| My brother's friend made $13,000 last year and took his tax info to H&R Block, and he says he is getting back $6,000!! This is ridiculous considering he paid $900 in taxes! How is this ... |
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 Can you please help adding 8.25% tax to a purchase? |
i have to add 8.25% tax to 123.95. what will the price be with the 8.25% added?
Additional Details
thanks ... |
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| Tax Refund Delay? |
| My refund was supposed to be direct deposited on Jan 26th. It was not. I finally spoke to someone at the IRS and was told that all refunds claiming the EIC, will be delayed an additional 2 weeks. Has ... |
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howdy | I want to give my children $10,000 as a gift this year.? |
Will they have to pay taxes on it? How would I report it on my income tax? This is all new to me but they are of an age I can now do it for them. From what I understand they won't but how do I account for it? |
 |
 
tma
|
Your gifts are NOT taxable. For 2006, the annual exclusion is $12,000. Therefore, you can give up to $12,000 each to any number of people in 2006 and none of the gifts will be taxable.
You do not report this on your income taxes. Nor do you have to file a gift tax return (Form 709), as there is no tax due.
NOTE: If you are married, you and your spouse can separately give $12,000 to the same person without being taxable. In other words, married couples can give $24,000 to each individual without making a taxable gift.
If you and your spouse decide to do this, you must both file gift tax returns (Form 709) even though no tax is due. You cannot file a joint gift tax return. |
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Kimi M
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Your children can expemt that amount in there income tax without any tax due or the gift being added to their imcome. |
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Leah
 |
I had to research this answer myself when my stepfater won the lottery for $100,000 about 3 months ago. These are new changes that started in 2006.....
For reference: http://www.irs.gov/businesses/small/article/0,,id=98968,00.html
You can give up to $12,000 per beneficiary each year without incurring a gift tax or needing to report the gift on a tax return. Married couples can transfer a total of $24,000 per beneficiary. In addition, there is a lifetime $1 million exclusion for gifts and inheritances made above the limits, known as the Unified Estate and Gift Tax Credit. Such gifts typically reduce your taxable estate. If you gave in excess of the limits, you will need to file a gift tax return (IRS Form 709) with your income tax return.
There are, however, several exceptions:
* With contributions to section 529 plans, there is an accelerated gift option that allows a donor to average gifts that exceed the limits over a five year period without incurring federal gift tax. This allows the donor to give up to $60,000 per beneficiary in a single year ($120,000 for a married couple through gift-splitting). The donor may not give additional gifts to the beneficiary during the five year period without incurring the gift tax. If the donor dies during the five year gift tax averaging period, a pro-rata portion of the gift will be included in the donor's gross estate based on the number of years remaining in the 5 year period (not including the year in which the donor died).
* Gifts to a spouse are exempt from the gift tax, provided that the spouse is a US citizen.
* Payments for tuition or medical care (including health insurance) for other individuals, provided that the payments are made directly to the educational institution, hospital/doctor, or insurance company. Reimbursing someone else for these expenses doesn't count. (IRC Section 2503(e).)
* Gifts to a trust for the benefit of an individual must satisfy certain requirements, such as being irrevocable, in order to qualify for the $12,000 exclusion from the gift tax.
* The gift must be of a present interest in the property. A gift of a future interest in the property does not qualify for the gift tax exclusion. |
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TaxMan
|
1) The person getting a gift never pays taxes or reports anything to the IRS.
2) The person giving can give anyone up to $12,000 per year without having to report it to the IRS.
3) The person giving can give their spouse any amount without having to report anything to the IRS.
4) If you "give" by paying someones medical or educational expenses directly to the institution, it will NOT go against the $12,000 limit.
5) If you DO give one person more than $12,000, you have to report it to the IRS on a 709 tax form. HOWEVER, you won't have to pay any tax on the first $1,000,000 of gifts (in your lifetime) over $12,000. Beware...congress can change this at any time.
If you want to give someone more than $12,000 and they don't have medical or educational expenses, have your spouse give them money, or give money to their spouse or kids. The $12,000 limit is from one person to another. The IRS allows you to get around it by paying money to other people. By using this matrix, a married couple can give another married couple $48,000 before a 709 is required. |
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Buzlite
 |
You can give a gift of $10,000 to your children/grand kids once a year and they do not have to pay taxes. Now the bad news, you don't get to put it on your taxes though. My mom left me an annuity for $1000 a month which I have been splitting up between my two kids so they don't have to work while attending college, but I can't deduct any of it and have to pay income tax on it. Also while my mom was still alive she gave each of them $10,000 just as you plan, this was the maximum allowed by the IRS without the kids having to claim it as income. So I know what I am talking about, but every year I ask my tax guy if I can divert the taxes to the kids with no luck. |
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AmusedOne
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There is no taxation if the gift is under 11,000.00
So, don't worry.
Any more questions, check out:
www.advancedwealthsolutions.com |
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†Eternityâ€
 |
†You should advise an accøutant..
Your kids shøuld be really happy...And wealthy!†|
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aeseeke
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Ok, I know other people have asked but can I pllllease be your kid?!?! I don't mind being a charity case, really.
About your question though. No they wouldn't pay tax (10K is the limit), and I'm not too sure how to put it on your income tax. There should be a place for gifts I would say, depending on where you're getting it done (I use Turbo Tax). AND the best benefit of all is if you slip me a couple G's not only will you have my undieing gratitude but you can report it as charity and get it exempt, beautiful huh? |
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feanor
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You can give any amount without the recipient having to pay any taxes...But you will have to pay estate taxes if you give more than 11k in a year...So in your case, there is nothing to do as far as taxes is concerned.
BTW this is USA based info. |
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mac
 |
No, Uncle Sam wont get his slice of this delicious gift pie! Parents are allowed to give each child $10,000 per year without a penalty- now that was as of last year- go to irs.gov to see if anything changed or call you accountant-if you can afford to give that kind of a gift, I assume you use an accountant- he would be able to advise you as to when to withdraw the money and from which accounts (I assume you have more than just a checking account). You are wonderful parents! I hope your children appreciate your generosity. |
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JFAD
|
Set up a trust with an Estate Planning Attorney. Estate planning is concerned with the use, conservation and disposition of a person's property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person's property is passed to another either during life or at death; and (2) provisions for taking care of the decedent's spouse and family. Both elements can be enormously complex, interrelated and often operate inversely. For instance, the goal of providing more for one's children or grandchildren and less for a surviving spouse may cause adverse estate tax consequences.
A living trust (sometimes called an "inter-vivos" trust) is a document that is revocable at any time by the person signing it ("grantor"). Living trusts have become quite popular as a method to avoid probate. To avoid probate, the trust must be funded; this means that title to the assets which the grantor owns personally must be actually transferred to the trust -- real property is deeded to the trust; bank accounts are switched to the trust; and stocks, bonds, partnership interests and other holdings are assigned or transferred to the trust. NOTE : The grantor is usually the trustee and beneficiary of the trust during his or her lifetime.
A person may make a gift of $12,000 per year per recipient ("donee") without incurring a federal gift tax. There is no longer a California gift tax. In order to qualify the gift must be completed presently; the gift cannot be placed in trust unless the beneficiary has the right to withdraw it within a reasonable period after the gift is made. In most circumstances it is the person making the gift ("donor") who is taxed, not the donee. Most estates don't owe tax, but it pays to be informed. Here's an easy introduction to estate and gift tax laws.
Most estates don't owe tax, but it pays to be informed. Here's an easy introduction to estate and gift tax laws: http://www.nolo.com/article.cfm/ObjectID/DAC2BB31-35E4-43B2-9BDFA70AD3775418/catID/257899BC-C5FA-435D-BA9BCC083F55357E/309/126/FAQ/ |
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justcurious
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there is a form you can fill out as gifts given. Would you like to adopt me? |
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NiCoLe_25
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Not really sure, you should talk to your accountant about it. That is very generous of you. Can I be your child? |
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sugarbdp1
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Well it's a gift not a tax right off lol.They are your children so I'm not sure how that works just keep track of where your money goes in your check book lol |
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A G
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I believe that as long as it is a gift not for any services rendered that they wont have to pay. but i'm not sure. call the irs 1-800 #. |
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Floyd B
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Not only can you give it to your children, you can give $10,000 to any & every one if you wish.
Actualy its $11,000. No taxes & no reporting. |
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charte
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I believe you do have to report it to th IRS at this time I don't know how you go about doing it but I believe you do specially if you want to claim it on your taxes. |
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gonicki31
 |
Need any more kid's? |
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athespiangirl
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Can you be my parent? lol. |
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sugarbaby_citygal
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LOL wow
wish my parents could afford to do that |
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robert_c_ko
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if gift is under the limit and they don't have income , they dont file. |
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Sydney
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Daddy! |
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no n
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i believe you are allowed a one time gift up to 10,000 without penality. check with a tax advisor |
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shuggiegurl
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Will you adopt me? |
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AmAr A ciegAs
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Maybe you can answer this question:
Thank you.
How many gifts do you think you'll recieve on Christmas?
http://answers.yahoo.com/question/index?qid=20061109204151AAYKLcl&pa=FYd1D2bwHTHwIrlnF.k8QP4.KIYKxZ1.a2ZVBM08wjF6GWtbsl_FdjFbpHUO5h0Ov1HPZIOx0kGZhQ--&msgr_status=
Answer it! |
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