 How many of you guys are in favor of increasing the minimumwage in exchange for abolishing inheiritance taxes? |
| There is a bill in congress to raise the fed minimum wage a couple bucks IF the inheiritance taxes are abolished. So, it looks lke the little guy gets a crumb and the wealthy get a cake. Are you in ... |
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 I got a notice from the I.R.S.....? |
| ....and it told me that I should pay the enclosed amount within 10 days or they could freeze my accounts and home. The only thing is...THERE IS NO AMOUNT GIVEN! Yes, I plan on calling them on M... |
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 Tax credits - Any advise?? |
| After renewing my claim with these idiotic people i informed them that my husband is not currently working and is in the process of being self employed but not as of yet - I gave them his earnings to ... |
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 21 yr old full time student and made $13,000 . Parents claimed me. Do I get a stimulus check? |
| I am a full-time student that works 35 hrs/wk. My fiancee and I pay for tuition and all living expenses. My parents still chose to claim me on their tax return. Will I see any type of stimulus check?<... |
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 How can Obama get away with raising taxes and calling it a tax break? |
This was a very interesting article, it didn't change my mind but if I had any doubts about McCain it would have: http://online.wsj.com/ar
What are ... |
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 A friend of mine has been given his p45? |
| he has been at this company for 8 yrs ,3 weeks ago his company changed from allclean services to allclean limited, and this week his p45 was in his pay packet, the reason he is being told is that he ... |
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 Wife passed away and can't cash stimulus payment ? |
My wife passed away and the bank wont let me cash the stimulus payment.
I asked the bank to cash it and gave them a death certificate, but they refused and that the check has to be ... |
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 Since the UK is bankrupt and everyone is in debt? |
how exactly has their been an Economic Boom ? There never was one, surely !
Additional Details
It was ALL on credit and the Never Never, wasn't it?... |
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 My chldrn live with me but their dad gets to claim one of them for a dpndnt on his taxes. who gets refund? |
| I get to claim my children for earned income credit but their dad gets to claim one of them as a dependent! They both live with me full time so who gets the refund?... |
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 Does your tax rate decrease when you get to a certain age? |
| For example, if you make $50K and you are 75 years old, do you pay less in taxes than if you made $50K and you were 25 years old?... |
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 CAN someone with no income file taxes? |
| I know that you do not have to file if you have no income, but CAN you? I ask this because I am separated from the person I have two children with. This person has not worked one day for the entire ... |
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 How much will the government stimulus checks be and when will they be sent out? |
| Is it going to be based upon your income? I know I worked enough that i will probly receive one but I do not know how they are basing the rate.Is it 300$ across the board or 600$ for some and 300$ ... |
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momof3 | If my dad gave me ...? |
$50k,when he sold his house, do I need to pay taxes on this or is that totally his responsibility when he sold the house?
Additional Details
We are not avoiding taxes, I just want to know if I am legally responsible to do anything except to spend it of course!! lol --Paying taxes since I was 15!! |
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Mathew
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The $50k is not taxable to you. It would have been taxable to your father if it was gain not covered by home owner's exclusion and he would be required to file a IRS form 709 for any gift to a single person greater than $12k. But that was really nice of your father to make that gift. |
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Wayne Z
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You have multiple issues here.
1) Gifts are not taxable to the receiver. If the gift is over $12k, a gift tax return needs to be filed by the giver but, chances are, no gift taxes would be owed.
2) If he lived in the home 2 of the 5 years before he sold it, the first $250k in profit would be tax free. If this is from a second home or rental property, he would owe taxes on the profit. You can not avoid the taxes be giving the money away. |
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bostonianinmo
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You needn't do anything. Gifts are taxed to the donor, not the recipient.
Your father may have to pay a Gift Tax on that money, however. There is a $12,000 annual exclusion per recipient. There is also a lifetime exclusion of $1 million but that reduces the Estate Tax exclusion dollar for dollar.
Any Gift Tax would be over and above any capital gains tax he had to pay, if any. |
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Judy1
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On that amount, he'd be required to file a gift tax return. He would probably not owe any gift tax on the gift, though.
If there is a gift tax, your dad would be responsible for it, not you.
The gift tax return, and possible gift tax, is separate from his income tax return, and any capital gains amount he reported on a schedule D. If he was eligible to exclude his gain, he wouldn't have had to report the sale. |
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ladyluck
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It's called "gift tax". The person who gives the gift is responsible to pay the taxes on it BUT your father may not have to pay the taxes on it at all. In a lifetime people are allowed to give $1,000,000 tax free. Your father can claim this is part of that allowance. It wouldn't be a tax he would have to pay right away either. He would have to file a special form when he does his annual taxes. |
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Elie F
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No, he should do that |
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Sarah B
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You've got to pay the taxes on it. It sounds like double taxing but it's not. It completely legal. So I'd make sure you keep that in mind when tax time comes around next year. |
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tweedyberd
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yes |
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