 Can I claim my wife if we recently married? |
| My wife and I recently get married at the end of December of 2006. She doesn't work yet. Can I claim her as dependent for the 2006 tax year?... |
|
 I got a letter from the IRS stating that I should get my Stimulus check in the mail by June 6th? |
How much longer do I have to wait? Did they mean that they would mail it by June 6th?
Additional Details
Received my check today 6/9... I guess I was expecting too much for the ... |
|
 I just received(march 3 2008) 433$ in my Bank account from Canada RIT can somebody tell me what is Canada RIT? |
I Called Revenue Canada and of course they have no clue what I'm talking about:)
Additional Details
My income tax is a different amount of money so I dont think it's my income ... |
|
 Turbo Tax users dont get direct deposited stimulus checks!? |
| I just learned that if a tax payer used say...turbo tax and had the filing fees taken out of their refund...then the refund was given to the "other" bank then refunded to the tax payer....... |
|
 Bush tax refund?? |
So from what I hear, Bush is giving everyone 600-1200 dollars supposed going to be sent to everyone soon. I was just wondering, if you're not a tax payer, can you still get this money??
A... |
|
 Does anyone know.....stimulus payment? |
| I've read that if they have your bank info, it goes direct deposit. But, when we got our taxes done, we had our rebate put on a prepaid credit card. Anyone know if they will add the payment to ... |
|
 Shouldnt taxes in every state be the same? |
| Some may say it is, but let me explain, Here in Ohio, in certain counties I pay 7 % on a dollar, in other places I pay 8%. Whe I go to other states( Kentucky, Tennessee, Georgia, and Florida), I pay ... |
|
 Can i claim income support if im on incapacity benefit? |
| i have arthiritis and thcouncil have given me a flat but i want to know if i can claim income suppot as well as incap as i cant get any help with furnishing my home thanks to any boby who can ... |
|
 How much in a bi-weekly paycheck with 38K? |
| ok, i just changed jobs. My old job i was making 48K annually and my take home paycheck was $1100 (this is with taxes and evreything taken out). I couldnt stand the place, so i got a better job but ... |
|
 If I fled married filinf jointly can i file seperatly? |
Additional Details
How wood that work with the earned income credit ?... |
|
 Capital gains verses regular income? |
| How much more money could the goverment generate if capital gains income (excluding that which is tax exempt) were taxed the same as regular income?... |
|
 Do i claim head of household or single? |
I am not married I do have a 7 month old son but I live with my boyfriend and his parents. We do pay rent. I am claiming my son, do i qualify?
Additional Details
smiley face boxer: i do ... |
|
 WHAT DO YOU THINK OF MPs £22,000 2ND HOME ALLOWANCE EVERY YEAR?HOW CAN THEY JUSTIFY THEIR CLAIM TO IT? |
| Theres been a lot of talk about a list of 38 items of household goods & equipment they can claim yearly, 2 of which are a new kitchen at a cost of £10,000, & central heating costing £6-£70... |
|
| Free efiling? |
Hi,
Iam mark
I want to submit my tax returns through electronic filing, and i heard that i can save more money while submiting e-filing. when i started my search for this i found a offer ... |
|
 Annual holiday entitlement? |
| I am currently working 34.35 hours per week and have been doing this amount fot the past year, i am alllowed 19 days of holiday each year, is this correct, i thought it was more like 21? Ive been ... |
|
 Should garnishments be taken out before or after your gross income is taxed? |
I'm just curious if a garnishment should be taken out before or after I get taxed on my paycheck? Any thoughts? thanks
Additional Details
My garnishment is not based on my pay. It ... |
|
 Tax question....dont worry it is not that boring....go ahead and answer it....? |
| How come I had a friend go to H&R block and they told him that he owed $200 dollars for the year. He didnt like that answer so he went to someone called "the tax doctor" and he ended ... |
|
|  |
berry922 | My grandfather wants to give me $100,000 to put down on a house, what type of tax will we be subject to? |
I'm gettting married and for a wedding present my Grandfather would like to give me a large down payment for a house. How does it work in regards to being taxed? |
 |
 
Andy
|
If your grandfather is married, he may wish to give the gift jointly with his spouse, and to give it (or part of it) jointly to you and your spouse. That way $48.000 of the gift is absolutely free of gift tax.
For the rest, he needs to file for 709 and claim part of his lifetime exemption from gift and estate tax.
http://www.irs.gov/businesses/small/article/0,,id=164878,00.html (latest info from IRS)
http://www.irs.gov/pub/irs-pdf/f709.pdf (PDF, Form 709)
If he spreads the gift over two years -- and gives you $48,000 by Dec. 31, 2006 and the rest on Jan. 2, 2006 or later -- then the tax-free amount is $96,000 (or half that, if your grandfather is widowed or divorced).
As the checks must be deposited in the relevant year, it's best if he wires the funds to your account for the 2006 part. Or gets a gift check or teller's check that will be debited to his account right away.
There will be no tax to pay.
My very best wishes to you on your wedding. And not to add a depressing thought, you might want to draft a brief letter to your fiancé(e) by way of a pre-nup just to acknowledge the source of the money and who should be credited with it in case of marital breakdown. Or, if you live in California or another community property state, whether it shall be deemed community or separate property, and in the latter case, whose property it is. Your fiancé(e) would then sign the letter too with the notation "agreed", and the date. (I say this because my son's ex, whose medical school tuition he had paid for, divorced him as soon as she graduated and demanded and got 1/3 the value of his house without any credit for her education expenses. And now, as a surgeon, she is earning twice what he is.) |
|
Paul H
 |
NONE ... IF... it is couched as a "lifetime gift". Up to a million dollars can be given away this way... in the United States. Be sure to consult a tax professional to be absolutely certain. Nice present!!! |
|
Wayne Z
 |
Good for you.
Gifts are never taxable to the receiver.
A gift tax return must be filed by the giver for a large gift like that but no gift tax may be owed. Your grandfather should check with his accountant. |
|
Dave
|
Your grandfather will be subject to the gift tax. He should probably just buy you the house (or co-sign) and then leave it to you when he dies. this would solve the gift tax problem for him. You can pretty must pass up to 1,000,000 (it may have gone up) in your estate before you run into problems. But I am rusty on my Gift and Estate tax law. You should consult a gift and estate professional or an attorney before you do anything. |
|
Mathew
|
One consideration that has not been discussed is the state in which you live. Some states do have gift taxes. You may wish to consult your state taxing authority's web site. |
|
Ted
|
Wow!! ... Does he wants to adopt a son??? :D
In general it is subject to a gift tax that GF has to pay but most likely he will be able to claim against 1mil. lifetime limit.
There are ways to avoid gift tax or estate tax if he don't qualify for life time limit. |
|
us tax
|
It's depend on which state you are. But any way he can claim that against his life time limit. There will no tac burden on you.
But you should tax advice from your tax consultant. |
|
firerescue22
 |
dont buy a large house, and gift tax will be in effect |
|
capnemo
|
The first 12,000 can be tax free as a gift. The rest will be taxed. |
|
Carrie W
|
Anything above $10,000.00 will be considered income and taxed accordingly. But,
If you and your grandfather co-signed on a house, NO TAXES. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 28 minutes(s) ago
| | | |
10 | 46 minutes(s) ago
| | | |
10 | 50 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 4 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
10 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
