 What does sole use mean? |
| I'm trying to move,and doing an application online,and part of the form is asking this question on bedrooms,Im so confused can anyone help me.?... |
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 Does a state tax refund take longer to get back than a federal? |
| I'm from ND and I finled my taxes by E-file. I've received my federal refund on Good Friday, but I haven't gotten my state back yet. Has this happened to anyone else? I checked my ... |
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 Who would get the most $ back on claiming our child on our taxes? |
My son's father and I are separated and he made $63,000 this year and I made $16,000. Does anyone know which one of us would probably get the most $ back on their taxes by claiming him?
A... |
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 Business owners, does this happen to you.....? |
| Every time I go make a deposit at the bank I can't stop thinking about all the money i will owe in taxes next year. This honestly worries me although I am very happy that business is going ... |
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 Anyone else been denied for H&R Block Emerald Advance? |
| I had been going to Jackson Hewitt for years, then decided to try H&R Block since their holiday loan program started earlier this year. I was denied! I had to correct their employee twice while ... |
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 ***TAXES**** if I MADE $16,000. THIS YEAR HOW MUCH WILL MY TAX REFUND BE? |
PLEASE HELP! IM 21 AND IS MY FIRST TIME DOING TAXES! :( :( :( I WORK AT AN OFFICE FULL TIME AND LIVE WITH MOM PAY TAXES ETC.. WILL I GET ANYTHING BACK AT ALL? PLEASE HELP!
Additional Details... |
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 Can I claim my girlfriend on my taxes? |
| My girlfriend of 4 years is unemployed and has been living with me for about a year. Can I claim her?... |
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 Made $400 in babysitting $$, need to claim? |
| Hi I'm actually asking for my mom. She's been my daycare provider since I went back to work, and in '06 I paid her $400. She's a homemaker, my father works and they have 3 ... |
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 W-2 forms...the higher the allowance...the more money you're likely to get back??? |
Does anyone know how this works? If I have say...8 allowances on my W-2's (dependants)...
1) Does that mean the goverment takes out more or less taxes??
2) Does that mean I'... |
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 How is it possible to get a tax refund if you do not work, and never have? |
| I find this confusing. If you do not work, you do not contribute to the system because you have not "earned" income. Therefore there is nothing to tax correct? Or are we taxing social ... |
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 I received an e-mail that I was a winner of E820,000,00 Great Britain pounds for April by Yahoo Awards Center. |
| They said the promotion was by Yahoo & Windows Live. I was to pay for an Affidavit certificate from the Royal Court of Justice to submit to the Management award board for the release of the ... |
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 Why do people with children get so much more money back in taxes? |
| I work just as hard and pay in just as much, if not more, due to the fact that some mothers stay at home with their children....so why do they get so much more money back? My sister has 3 children ... |
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 How much money can my siblings and I give to our mother per year, before we have to pay taxes? |
| How much money could any one of us give her before we have to pay taxes? Considering there are four of us, is there a total she could receive in aggregate? This is in the United States.... |
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 If everyone in England didn't pay for the things that the taxes are going up on? |
would that mean that the government would have to lower the taxes?
Additional Details
we can get food in other ways, grow it etc, also, who says we need to pay!?... |
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 I gave my Mobile Home to my son. Can I claim that on my taxes for a exemption? |
| At my age I wanted to make sure that everything was taken care of prior to my death so I gave one of my sons my Mobile Home and moved into an apartment. Is it possible for me to receive credit for ... |
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 Gas guzzlers road tax up again? |
| if everyone stopped buying them the government would be knackered they probably rely on the income to pay themselves expenses.... |
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 If my parents claim me on their taxes, do they get the money I was supposed to receive in my stimulus check? |
| I'm 19 and I moved out of my parents house in Aug 07. My parents said they would figure my taxes with their tax attorney. My mom and the tax attorney assured me that I was going to get $600 on ... |
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hmmmmmmm____ | My parents helped me pay off my student loan...will I have to pay taxes on the money they gave me? |
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 |
 
ken
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if the amount is over $24k ($12k per parent per calendar year) then the gift is taxable to your parents and not to you. They may not have to pay tax on the amount as they can claim it towards the $1.2 million inheritence tax exclusion and it may also qualify for exclusion since it was used to pay educational expenses which are generally exempt. they need to consultant a tax advisor to figure out how to handle it.
As far as you are concerned you do not need to report it or to file any paperwork or pay any taxes.
I'm sure you have already thanked your parents so you are done. |
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missourim43
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Q: What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
Q: What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
1. Gifts that are not more than the annual exclusion for the calendar year.
2. Tuition or medical expenses you pay for someone (the educational and medical exclusions).
3. Gifts to your spouse.
4. Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made. |
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Soror Kate ART VT
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You do not have to pay taxes on gifts. If your parents paid off your loans, they gave you a gift. However, there are a few caveats you will want to consider and discuss with your tax professional.
FIrst, if the amount was over $12,000 per parent, your parents may be required to file a Gift Tax form. I know how screwy that sounds, but the person giving the gift is the one who pays the tax if there is tax owed. They may or may not owe tax on what they give you, but they will need to find out. (Probably they won't, unless they've given a heck of a lot of money to people prior to this).
Second, you cannot deduct any interest they paid on your tax return, as you did not pay it. Your parents may be able to deduct that, depending on other variables, such as whether or not you were their dependent at the time.
Even if you don't have someone else do you taxes normally, this would be a good year to go in and talk with someone. I know H&R Block will give you an estimate for free, and you'll be able to make sure everything is done properly for both you and your parents. Good luck, and let me know if I can be of further assistance! |
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Joseph, II
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Not to Uncle Sam. -But you're parents are probably going to be reminding you that they helped you- for the REST OF YOUR LIFE- and I'm not so sure that that isn't a WORSE fate... :) |
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dodadz
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I believe your parents will pay the taxes if they directly pay the student loans you have had. |
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gabriella
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i wouldn't think so |
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Jason
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Probably not, but it would be a lot easier if they paid the bill directly. |
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eddie9551
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If they gave you the money and you paid off the loans you will have to pay taxes on anything over the 1 time $10,000 gift amount. This amount may have changed. Check with the IRS. |
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?
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yes |
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duoak
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Yes, you have to pay taxes on the benefit you received from your parents. |
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dfreebyrd59@verizon.net
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Ask your tax adviser but I believe you do! |
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