 WHAT is A GREAT INCOME IN THE UNITED STATES? |
| Hi i was wondering what is a great income in the united states , if a person wants to live a great life..not good..GREAT? what is a yearly great income?... |
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 Do I file my taxes as married or single since I got divorced in November 2006? |
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| Old taxes from years ago but IRS is getting anxious for the money. I own a business that is doing well and do not owe any current taxes. Just want them off my back. Hopefully we can compromise on ... |
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 What is Inheritance Tax? |
| Yesterday in the mini budget Mr Darling increased Inheritance Tax from £300,000 to £600,000, what is this tax and how will it affect the average ... |
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 I havent done my Business Taxs in 2 years....? |
| ... and Just recently got a letter saying if i dont do them by the 24th of oct. They will send me an estimate of how much they think I owe and add penalties. I have allof my receipts just stuff in a ... |
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| I want my stimulus check!! I filed my taxes but received no check. I checked the computer site but it says no info available. Who do I ask? Where do I go?... |
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 So, so confused about this stimulus check and if it will be DD or paper sent...? |
Went through Turbo Tax and had the fee taken out of the refund for the state fee, Federal return was free.
Now I know what Turbo Tax says about using Santa Barbara Bank and stuff. They say ... |
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 I think I made a mistake. Now what? |
| I got a notice in June 2006 saying that my Federal Income Tax for 2004 was incorrect and I owed money. I've been using the EZ form for 12 years, do it all myself and have never had a problem. I ... |
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 Can my daughter's father, who doesn't have custody, claim her on his income tax for the child tax credit? |
| He pays 50 a month to welfare because I am on assistance temporarily. He's only paid for two months. I have full custody, but my husband goes to school full time, no job, and I am not in school ... |
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 How do I account for money lent to me from my fiancee? |
My fiancee recently wrote me a check (in my name) for $20,000 to pay off my student loan to save myself money. I am paying her back (with half the interest rate the loan was giving me).
H... |
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 Is the income tax a fraud? |
Give me your opinion and post some videos
Additional Details
please put sources/evidence about your claims, don't just say it is or isn't a fraud.... |
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 IRS stimulus check? |
| Hey what if you owe IRS? Will you still be entilted to a check? And don't say to go on their website and check out the FAQ, because i've checked and it doesn't say.... |
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john | My wife & I will get 60K from a brother for down payment for a condo, how would we do it to avoid gift tax? |
My wife's mother has lived with us for many years, recently her brother made an offer to "reward" us for taking care of the mother: He will give us the down payment to buy a house for her, or to buy a condo for our daughter who is entering her freshman. We, of course, choose the latter but we dont know how to do this to avoid gift tax. If he makes it as a loan then it will impact our loan qualification. I'm talking about $60K here.
Thanks |
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danielle Z
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Have him put the payment down on the house. Or atleast have him write the check. |
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Kacky
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He would have to give you the 60 plus whatever amount would cover the tax.
Or just let your downpayment be 60 minus the tax. That's still a good downpayment. |
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vegas_iwish
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The giver pays gift tax - not you. |
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branjo_70
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You will not owe any tax on this gift. Your wife's brother, however, could be liable for the gift tax if he gives more than $12,000 to any one person in 2007. As stated by another poster, this will not really be a "tax" per se, but will decrease the nontaxable amount of his estate when he passes away. That's getting beyond your question, however.
If your wife's brother wants to avoid any reductions to the nontaxable portion of his estate, he can gift $12,000 to you and $12,000 to your wife in 2007 (for a total of $24,000), then another $24,000 in 2008, and the remaining $12,000 in 2009.
Note that the $12,000 figure is valid for 2007 only and may actually increase slightly in 2008 and 2009. |
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Quixotic
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Even better is if the brother is married. He can give 12k to each of you, and his wife can give 12k to each of you.
If the mother plays along, the brother and wife can also give 12k each to her, which should cover the whole 60k and then some without the brother paying any gift tax. |
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nyxcat1999
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So many conflicting answers. Now for the Banks angle on this. the maximum legal gift limit according to the IRS is 10000.00 cash per year. Any excess is subject to taxes as a gift. wich is High to say the least. since he is not actually giving the money to you per say you may be eligable to a tax exemption under banking laws. it is a little investment trick actually. since the money is being invested in the property instead of in your hands you actaully assume some liability in this. you must make payments on the house and also if its value falls or something happens to it you can be out the money. of course if things go the other way you would have to claim it as a capitol gain if and when you sell the property. of course you are allowed to wirte off the first 500,000 in person property sales before you are taxed on gains from it so I wouldn't loose any sleep on that one. Your wifes brother needs to get the proper forms from his bank to cover this gift, so you can file it at the time the property is bought. otherwise you may miss your window and end up haveing to pay the taxes. Sorry I can't remembe the name of the form, it's been a long day. |
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ninasgramma
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You do not pay gift taxes on gifts you receive. You do not pay income taxes on gifts either. You do not report gifts on any tax return.
Only the donor will possibly have gift tax consequences, but then only if his estate is large (millions). The donor may have to file a gift tax return depending on how he structures the gift, but will not be paying any gift tax on a gift of this size.
So take the gift money and get the condo. |
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ZCT
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You need to talk to a good accountant to figure this out before you do anything. If you make a mistake it could cost you a bunch of money. |
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haykat
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$6000.00 each is the max he can give without you getting taxed if they haven't changes the rules recently. Beyond that all I can say is talk to an accountant. |
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