 Why does U.S. tax policy give favoritism to married people? |
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dpacman... your article says nothing about married couples that have only one wage earner. In this case, the tax policy favors married couples over singles.... |
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 Can i use a PHOTOCOPIED car insurance certificate to get tax at the post office? |
Uk
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I cant do it online due to the fact i just brought the car and waiting for log book to come and its needed on line .... |
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 Refund not deposited? |
| Your tax refund was direct deposited on January 22, 2008. If your refund is not credited to your account by January 27, 2008, check with your bank to find out if it has been received. Please wait ... |
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 Do you agree there should be a Child Tax Credit? |
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 What benefits am i entitled to? (UK only)? |
im 16
i live at home with my parents
im unemployed
im going to sixth form in ... |
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 Why doesn't the US government tax the rich more than the currently do? |
They are rich, they can pay the taxes, they lived the American, its time for them to pay the taxes.
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No I don't mean taking it away completely so that everyone ... |
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 If your gross monthly pay is £1107? |
Is it right to be paying £200 in Tax and National Insurance?
On a 525L tax code?
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It shocked me when I saw my other half's payslip and saw what they ... |
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 Irs reference number 9001? |
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 Can i claim back my bank charges? |
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 What should I do if I realized I did my taxes wrong? |
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 Tax Question sensible answers please? |
I have been given my pay slip for this month and have worked 20 hours. in this i have paid £20 tax. the total of my pay was £90 before tax. is this amount of tax correct?
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 How much is 25000 pounds UK money in the U.S.? |
| I was looking at a UK website and need to know the the difference in the money.... |
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 I am 23 and got married in January 2007. For 2006 tax filing do I file Single or Married filing jointly? |
I am 23 full time student who just got married in January 2007. The two questions I have for 2006 IRS Tax Filing are:
1. Do I file as Single (for yr 2006) or as Married filing jointly (K... |
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 My boyfriend and I have been living off my income for the entire year of 2006. Can I claim him as a dependant? |
| Last year when I did my 2005 taxes the agent asked me if I paid for the expenses of another person and I told her no, because at the time I wasn't. but for '06 My income has supported the ... |
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 Is this tax deducatble??? |
| Hello, for the past year I've been supporting my friend who has been out of work and has never filed taxes because he didn't work a day in his stinking life! Anyhow, I was wondering if I ... |
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 My daughter's ex claimed their daughter on his tax return. She has had full physical custody of her since Feb. |
| He has paid no child support. Even though there is an order for it. When she tried to file her tax return; it was rejected. The notice said it was a duplicate. She has insurrmountable proof that she ... |
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r.p. | If i receive a gift of 14,500 dollars from my parents, do i or my parents have to show this on our taxes.? |
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torrie
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Jimeny Christmas you guys need to stay out of the tax section more that half have given erroneous information and with one of you this is a serious pattern of false information on most posts you make.
Sorry glad you are all wet
"Gift Taxes
IRS Tax Tip 2007-39
If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.
From the irs.gov site and they are the authority!
I am shocked at this thread. |
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Judy1
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No. You don't show it anywhere because it's a gift TO you, so that doesn't have to be reported.
Your parents can each give you $12,000 per year without filing a gift tax return, so between them they can give you up to $24K per year without gift tax implications. If they haven't already given you the money, it might simplify things if they wrote two separate checks, one signed by each of them, each check for under $12,000. Otherwise, if one of them wrote a check for the whole amount, they might have to file a gift tax return on form 709 to state that the gift was to be considered as half coming from each of them - there still wouldn't be any tax to them though, and you still wouldn't report the gift on your tax return..
See http://www.irs.gov/newsroom/article/0,,id=107815,00.html and http://www.irs.gov/pub/irs-pdf/f709.pdf
Once again, I'm amazed at the number of wrong answers a fairly simple question has generated. |
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MukatA
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Judy is correct.
In a year a person can give any number of gifts of less than $12,000 to any number of persons. No tax is payable on these gifts.
The person who receives a gift of any amount does not pay.
Your parents can separately give up to $12,000 to the same person in 2007 without making a taxable gift.
All gifts of more than annual exclusion amount ($12000 for 2006) must be reported. There is a lifetime exclusion of $1 million. A person making a gift in excess of $12K must include the gift in the lifetime exclusion and file Form 706 to document the gift.
So only if out of $14,500 a gift of up to $12,000 is from one parent and the remaining gift is from the other parent, then there is no gift tax liability. No gift tax return is to be filed. |
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Amy F
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No. You never have to report a gift to you as income, regardless of size. If it is over a certain dollar amount, gift tax, which is paid by the giver, may be due. This is reported on a special form, not on anybody's income tax return. See IRS Publication 950 for more information. |
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thanks to our brave troops,
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if it a gift u don;t even have to claim it,, |
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Stephanie R
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Gifts are not taxed, however since the gift was more than 12000 your parents need to file a return saying they gifted you 14500 and would pay a tax on 2500. If they gave you just 12000, they wouldnt have to report anything. |
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Mopar Muscle Gal
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no
each parent is allowed to give up to $11,000 each in a one year period as a gift
you do not have to report it your gift its less than $22,000 |
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la buena bruja
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Yes. You can give/receive gifts up to 10,000 without taxation. After that, someone has to account for it. |
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Gladicouldhelpu
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Your parents can actually give you up to $2 million in gifts tax free, but it counts toward their lifetime estate exemption. The people that are telling you $11,000 are correct too, but the $11,000 is just the annual amount that does not count toward the $1 million lifetime gift exemption. So they are only giving you half of the answer. |
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Gypsy Girl
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You have to count it as income, but if it was cash and not a check, the IRS will have no way of knowing. Even if it was a check, they won't know unless they audit you or your parents. |
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sweet serenity
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you can olnly get up to 10 thousand w/o being taxed |
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campy
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whos gunna know if you recieved a gift. they will have to pay sales taxes depending on where you are but you dont have to claim it on your taxes if you just take it and not say anything about it. |
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