 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 ... |
|
 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 ... |
|
 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?... |
|
 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?... |
|
 Do i have to pay taxes if im 15 years old |
| im wanting to know if i have to pay taxes if im 15 years ... |
|
 Can my Son's Mother's boyfriend claim my son on his tax return? |
| Here's the deal. My son's mother is on disability and does not work or produce an income. Her boyfriend lives with her and he does work. She told me that he claimed my son on his tax return ... |
|
 Why do we pay an income tax and a sales tax? |
| if I spend my income on a purchaser which i'm taxed for, Why do I get taxed for the incom that facilitated that purchase?... |
|
 I have been off work since october, and connot claim statutory sick pay anymore? |
| I claimed for incapacity benefit but do not qualify because I have not paid enough N.I. contributions, apart from income support, housing and council tax benefits, is there anything else I can do? UK ... |
|
 If your landlord gives you a notice to leave the house, reason is housing benefits not paying full, what u do? |
Additional Details
I live with my aunty and she moved out, I am sick and claim incapasity and income support, but am 24, what will happen, and can the landlord call the police to get me ... |
|
 He can't claim me as a dependent can he? |
| My fiance thinks that he can claim me as a dependent since I live with him and I'm a stay at home mom to our little girl. However I think that since we are not married that he cannot claim me as ... |
|
 Why is the UK full of sad muppets? |
Why don't you fight for what is right, stand up for yourselves and your familys, stop the polititions taking the p!ss.
Our council is on strike next week for two days and we will be ... |
|
|  |
SheLady | 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. |
 |
 
bostonianinmo
 |
Wow! I've seen some buckets full of wrong answers here but this is pretty surprising: 14 totally or nearly totally wrong answers in a row. This may be a record! Anyhow, Judy's answer wasn't here when I started typing. I would not have posted anything if I'd seen hers since hers is the first correct answer of the lot -- as we have come to expect from Judy.
Any tax will depend upon his lifetime Gift Tax history. If he's never given a gift or gifts that triggered the need for a Gift Tax return, no tax will be due from a single $100,000 gift.
He could dodge the bullet on a significant portion of the lifteime exclusion ($1,000,000 currently) if he and his wife each gave $12,000 to you and your husband. That would cover $48,000 right there and no Gift Tax return would be due. If they duplicate that after the first of the year, $96,000 is now covered.
As far as the gift to you is concerned, there can be NO "terms and conditions" involved. If there are, it's NOT a gift and YOU will have to pay tax on the amount as ordinary income. |
|
Judy1
|
He'd have to file a gift tax return. He wouldn't necessarily have to pay any tax as long as he hasn't already used up his lifetime exemption, but if he doesn't, it could affect the tax on his estate when he dies if he has more assets than whatever the limit is then.
This is for federal - I don't know if there would be any state tax implications in CA.
Most of the answers above are partially or completely wrong, by the way - even some with some "thumbs ups" are wrong. If any tax is owed, your dad will owe it, not you. He can give you, or as many people as he wants to, up to $12K a year without having to report it. And last I looked, CA definitely had an income tax, although it would very likely not apply to this gift from your dad. |
|
jay k
 |
There are gift taxes but he may be able to circumvent around that by giving you a gift, but realize there is a limit of $12,000 a year that can be given while avoiding the tax.
Tax law says you can give away only $12,000 to any one person in any one year; gifts above this amount are subject to the gift tax. Since Edna gave her niece $15,000, Edna could be required to pay gift taxes on $3,000. How much is the gift tax? The same as the estate tax: It starts at 18% and climbs to 45%. |
|
Troy R
 |
You are the one that should be taxed. |
|
IG64
 |
Suppose your father placed that money into a joint checking account with you and your father. Now he can put that money in and you can write all the checks you want up to 100,000 and no one has to pay the fed anything. It all depends on what you want to do and how much you enjoy paying the government to give away your money. Quite frankly, the notion that the government gets to tax money you give to someone is assinine. |
|
hthwang3
 |
i don't think he'll have to pay any. call 208-578-7931, that is my financial planner and he will definitely know the answer. he helps people on small advice for free all the time, he's a great guy! |
|
Dew
|
I Don;t know but use the money wisely and invest some of it in a cd for your kids or your retirement. |
|
SmartA$$
|
california doesn't have an income tax, so you don't have to worry about that, but you will have to pay federal income tax on the money (note, you pay the tax, he doesn't).
I'd highly recommend consulting a lawyer and setting up a trust fund, it will save you tens of thousands of dollars because you can transfer money basically tax-free.
another option you can try is opening a joint savings account. he can make a deposit and you can make a withdraw so he doesn't give the money directly to you, once its in the account it is shared money. |
|
calle trece
|
get the money worry later. give me 10 percent |
|
Amber
 |
I think you would be responsible for those taxes. Either way ask your accountant/ tax person they are the only ones who can tell you because they know all your business like what you make etc... Oh and is you dad married? If not tell him I said HI!!!! LOL |
|
fullblastus
 |
I want you to know a gift is TAX FREE. I called the IRS and spoke with a rep. My case is I knew a woman that LOANED money to a religious professional. There was no contract. The 'religious' professional claimed about the same amount you are asking about was a gift.
The IRS said there was NO TAX at the federal level. |
|
Mr. Taco
|
He probably DOESN'T have to pay taxes. He can write it off as a gift. YOU, on the other hand, will be obligated to pay on it as income. I'd put a third of it aside in savings or something to be safe and then you don't have to worry about it until you do your taxes.
In any case, DO report it on your taxes, unlike what a couple of people suggested. The IRS can easily access your bank records and see that you received a large amount of cash, especially if your father deducts it from his taxes. Not reporting it could land you a large fine, or worse. |
|
native
|
like Troy said you will get taxed not your father, in fact he can claim it at tax time and get some back. |
|
Paintballer
|
$0
If he gives it to you "under the table" |
|
Jovi Fan
|
the government takes out 10%. you get around $91,000.00 |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
16 | 11 minutes(s) ago
| | | |
16 | 13 minutes(s) ago
| | | |
16 | 48 minutes(s) ago
| | | |
16 | 2 hour(s) ago
| | | |
16 | 4 hour(s) ago
| | | |
16 | 6 hour(s) ago
| | | |
16 | 10 hour(s) ago
| | | |
16 | 1 day(s) ago
| | | |
16 | 5 day(s) ago
| | | |
16 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
