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| So here's the story...I realized that I didn't include any info from my 1098-T form I got from my university in 2008. I remembered to do it in 2009 and because of one of the new education ... |
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 Why am I not entitled to Working Tax Credits? |
| I am being made redundant in a week (am currently on maternity leave) and I am due to have a baby in 3 weeks. My partner works full time (in a low income job), but HMRC have estimated that I will not ... |
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... |
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His Grace The Archduke of Pommern und Livonien | what are the taxes on $6,000,000.00? |
Do you know what the taxes on six million dollars is? If so i would appreciate your answers no ridiculous answers please!!!
Additional Details
I am being given ,by a friend, this in british pounds and it equals $6,000,000 is it taxable if it is in a different currency? I'm seventeen forgive my ignorance. |
 |
 
StephenWeinstein
|
In that case, $0 (zero). In the U.S., there is no tax on receiving a gift from a friend (in any currency). If the friend is also a U.S. citizen, then the friend may have to pay gift tax, but you did not. If the friend is a foreigner, then neither of you pays U.S. tax. I do not know if the UK charges a tax. |
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Gerardo D, EA
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It also depends what kind of taxes are you talking about such as gift and/or estate tax. If its personal taxes, is the majority of these income tax exempt? |
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Sahand
 |
omfg who cares its free money man |
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fakehuskie
 |
Depends on the state and city sometimes of which you live in as well. |
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rtfm
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It depends on your filing status and number of dependents. It also depends on whether that six million is earned or unearned income. There isn't just one simple answer to that question. |
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tro
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at this point, gifts are not taxable to the recipient
the giver pays the taxes on the excess of $13000/yr( or $1,000,000 grand total)
you would have to check the tax laws in the UK if this is money that is dispensed from there |
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Bostonian In MO
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If this is a bona-fide gift, no estimate is needed. The tax is $0 for you. The recipient of a gift never pays taxes on the gift. Gift taxes are the responsibility of the donor, not the recipient. Since the donor is not a US person they cannot be compelled to file a US gift tax return or pay the US gift tax.
Just because it's not taxed does not mean that there's nothing to file. At the very least you need to file a Form 3520 http://www.irs.gov/pub/irs-pdf/f3520.pdf informational return by April 15th of the following year. Additionally if you took custody of a foreign bank or investment account as part of the process you need to file a TD F 90-22.1 http://www.irs.gov/pub/irs-pdf/f90221.pdf report by June 30th of the following year. While no taxes are due with these, the penalties for failure to file or for filing late are SEVERE. |
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