 I never filed 1999 tax return and just recieved a bill. Can I file my 99 return still? |
| I never filed my tas return in 1999. I recently recieved a letter from the IRS that I owe money from that year. I recently did my 99 return and relized I was owed money. Is there a time limit on ... |
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 Can you claim car insurance as an expense? |
| I am a driving instructor and im just wondering if i can claim my insurance, or any part of it, as a business expense. Never have done before as i only pay about £400 a year anyway but thought i'... |
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 Can married couples file seperate and each claim a child on the tax return? |
| I have a friend that has been doing this for the past few years. If it is not okay, is there a fine that she or he will receive?... |
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 I only made a little over $1,000 in 2006, should I file my taxes? |
| I live with my Dad and he has always delcared me as a dependant on his taxes every year. Last year, I barely worked(was full-time in college) and only made about $1,000(total taxes was like $200). S... |
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 What is the point of a tv licence in the uk? |
| far as i know, it was set up to FUND BBC! as they dont have Adverts. but we dont get a say what they put on lol, then i wonder well everyone has sky or cable or freeview these days so who actuly ... |
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 What are the laws on claiming children on your taxes.? |
I am 23 and my parents still claim me! What are the laws on that???
Additional Details
last year i was away at school and they contributed a very small amount. i paid my own rent and ... |
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 Who should claim my 4 month old daughter on 2007 tax return? |
| My boyfriend and I are living together and i am a stay at home mom. I worked for half of the year and then quit to be a stay at home mom and he works full time. We're not fighting over who ... |
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 IRS! What the heck is their address? |
| What is the address in Kansas City that I can send my taxes too? I always send them there but don't have the address on file! Please help. And yes I know there late! P.S. this is for a business ... |
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 My Tax Preparer screwed me up big time what should do? i never even met the guy before or signed anything!help |
| im really screwed here... I have been seening this Tax Preparer for two years someone at work referred me to him so i thought id give him a try... ok so i ended up faxing all my w2's to him as ... |
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 Can claim my son as a dependent? |
| My son is 21 years old, he is not disabled. He lived with me for all of 2006. He made less 3300 dollars in '06 and I provided more than half of his support. His father and I have been divorced ... |
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 Does anyone have to claim my 15 year old daughters income? |
| My 15 year old daughter made $1100 last year in babysitting money. As a part of my divorce agreement I can claim the earned income credit for her, but my ex claims her as a dependent. Who, if anyone ... |
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 Where can I get the 1099 contractors form? |
| I have tried the libray and had no luck! They do have the forms at Office Depot but, I only need one and they come in a big pack. Also tried my bank! H... |
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 Can I add my retired husband as a dependent? |
| My husband's social security income was about $6000, and I had about $27 000 income. Cam I claim him as a dependent? How should I file, Married, filing separately? Married, filed jointly? Or ... |
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 Is it true that you can only claim two kids this year on income taxes? |
| a friend told me that your not allowed to claim more than 2 kids on your income taxes. well what the hell about families with more than 2 kids???... |
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 Does $4700/year on a 130,000 house seem high for property tax? |
| Especially given the school dictrict is basically so bad it's useless? This is the total including County, School District and Municipality. The School alone is $3300. This is PA, what's it ... |
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ulmer79 | My parents gifted me $24,000, now they want it back. Can I return the money with no tax consequences? |
My parents gifted me $24,000 ($12,000 / each) to help me buy my first house. I recently sold the house after just over a year of ownership because plans in my life have changed. My parents are asking for the money back since I no longer have the house. Because the money was provided as a tax free gift can I just give it right back with no tax issues? What would be the tax requirements if any? |
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Judy1
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Yes, give each of your parents back the $12,000 they gave to you. Write a separate check to each of them, not just one check. |
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acmeraven
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Give each of your parents $ 12,000.00. No tax consequences for any involved. |
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PepsiLime
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You can give the money back with no tax issues, as you can give a gift of up to $12,000 per person in a year with no gift tax return needing to be filed. But it appears that if your parents want the $24,000 back that they "gifted" you then they are treating it as a loan rather than a gift. But, on the sale of your house, since you owned and lived in it for less than two years, if you sold it at a gain, you will have to pay capital gains taxes on the gain. The good news is that because you held it for longer than 1 year the gain will be long-term gain rather than short term gain. |
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ninasgramma
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Your parents gave you the money. I agree with others that you are under no obligation to give them the money. However, if they are asking for the money back, it seems it was a loan instead.
First, as others have suggested, you could just give them each $12,000 with no tax consequences, if you choose. However, if you have a gain on your house, at least equal to $24,000, then you will be paying $3,600 income tax on that money.
If they had structured the loan to be secured by the house, then the $24,000 returned to them on the sale of the house would not be part of your gain.
Sorry for your circumstances, do what you think is the right thing for you. |
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waggy_33
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Yes, you can make a gift of $12,000 to each of them without having to file a gift tax return.
Even if it were treated as a loan from them to you there would not be any tax consequence unless you showed interest income on your tax return. Your parents could have made a gift loan to you of up to $100,000 without charging you interest. They would have had to report some interest income on their tax return if you had interest on your tax return. |
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Doug M
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No taxes. Yes you should write them each a check for $12,000. |
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bostonianinmo
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If you give it back, that will constitute a gift to your parents from you. Given the amount, you could give them $12k each without owing any Gift Tax, however a Gift Tax return will be required. If you give them $11,999 each, no return is required.
Do bear in mind that you are under no legal obligation to return the money if it was a bona-fide gift. Your conscience and peace within the family may dictate otherwise, or course. |
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Mathew
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You can not "return" the money because it would be a loan. If you choose to provide each of your parents with a "gift" in the amount of $12,000 there would be no tax consequences to you or them. You may have a gain from the sale but that has nothing to do with the "gift" from your parents. |
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Mo
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A gift is a gift... Yes you will need to pay taxes on it. Your parents deserve the moral respect from you if you don't plan on reinvesting in another home then you must pay the taxes on it and give it back. After all, you DID buy the house with it and you DID live in ut for a year. It is the least you dould do. |
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