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MRSEATT24 | My grandma wants to give $50,000 to my wife and I want to know how to pay as little in taxes.? |
I live in Washington state. |
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PepsiLime
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You will not have to pay any taxes on the gift (hourglass_beauty is totally wrong with her answer). Gifts are never taxable to the person who receives them. Your grandma will have to file a gift tax return however, since the yearly limit she can give without having to file a gift tax return is $12,000. I have included a link to gift tax returns. She can give you each $12,000 per year, and if she gave you both $12,000 per year for 2 years, that would add up to $48,000 without her having to file a gift tax return. The only possible tax implication there might be to you would be if you put the $50,000 into a bank account, the interest that you and your wife would earn would be taxable. |
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ainger452
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Is grandma still married? If so if she can get her husband to agree to gift spliting each can give your wife $24,000 and you $24,000. If not then she can give each of you 12K per year; maybe get more through a child or something like that. If she has nowhere near 2 million dollars this is not really important as she can give your wife the 50K and file a gift tax return but will pay no tax and wont have to worry about it in the future either. Hope this helps. You should see an attorney on this matter. |
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MBA Don
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Federal laws gives each individual has a $12,000 gift limit without taxes (as of 2006).
I recommend:
1) Your grandma can give her $12,000 a year over 4 years and the $2,000 in year 5. That way you do not trigger taxes.
2) If you and your wife have trusts or kids, they each can get $10,000/yr without having taxes
3) Other methodes exists but may have legal costs and require lawyers/accountants.
Good luck!
Just Be! |
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HOWARD I
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She should give 12K to you and your wife this year and next and than give 2K to your wife in year 3. This way the gift is under the taxable amount. |
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Glen B
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I'm not sure exactly what its called but you can get a lump sum as a gift and pay little if no taxes on it. You'd have to research the tax laws in your state to find a definitive answer though. Good luck! |
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Admiral Question
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I'd say a tax expert would be your best bet or research the tax rules at the library or over the net.
Nobody called into question the whole idea of wanting to pay as little as possible in taxes. I mean taxes aren't popular of course but they do allow us to enjoy benefits, at least when politicians and bureaucrats aren't wasting the money. |
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notmadewithhands
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She could give it as a birthday present. |
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politicaladvisor2
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see tax attorney or accountant |
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damn spitchus is lost
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everyoneis entitled to one free gift a year. tax free .. im not sure about the amounts , but im almost positive it can be any |
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