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You are the only one that would have all of the necessary information in your hand that would be needed for this purpose.
You would have to determine this yourself.
Go to the IRS gov web site and use the search box for GIFT TAX
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.
The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.
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∙ 14y ago
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How much money can a mother give a son?
As much as she wishes. Over a specific amount will be subject to gift taxes.
What gift do you gift for a death of a son?
it's very sad your son is death. i this no gift for this.
WHAT IS 100X20 MY SON CANT FEGER IT OUT?
20000
Can a corporate owner gift employees stock and then have the employees endorse the stock to owner's son to avoid taxes?
Corporate owners can offer gift stocks to employees but they cannot enforce that the stock ownership is then transferred to their sons to avoid taxes. It is unlawful to implement such actions and not fair to the employees.?æ
Last year 2008 we gave 20000 to my son as a gift for his education and we claimed in our income tax form he worked part time and he is going to file income tax form so should he claim as a income?
no
How much money can you gift tax-free to your son or daughter each year?
You can give $13,000 in 2009 (the number changes most years) without having to report it or file a gift tax return. If you give more than that, you have to file a gift tax return. The excess over $13,000 is subtracted from both your lifetime gift tax allowance and from your estate tax allowance. Once your $1 million lifetime gift tax allowance is used up, you have to start paying gift taxes. Once your estate tax allowance is used up, after your death your estate will have to pay estate taxes. Note that tuition paid directly to an educational institution or medical bills paid directly to a medical services provider on behalf of your child (or anyone else) do not count. You can pay as much of either of those as you want and it will not count against your annual or lifetime limits.
Why do you pay a gift tax when you receive a bonus from your employer?
It's not a "gift tax", because it's not really a "gift" legally speaking. You do pay income taxes on it, just as you would on any other income.There is such a thing as a gift tax, but it's usually paid by the person giving the gift, not the person who receives it. Yes, this applies even though the gift is presumably coming out of money on which income tax has already been paid. The purpose of the gift tax is mainly to keep rich people from doing an end run around an estate tax. If you die and leave Stately Wayne Manor to your son Bruce, there's (historically) going to be an estate tax due; the reason for the gift tax is so that you can't just hand Bruce the keys minutes before you die and say "it was a gift, not an inheritance, so no tax for you, Mr. Uncle Sam."
What are the release dates for Son of Svengoolie - 1978 The Beast from 20000 Fathoms 1953 1-139?
Son of Svengoolie - 1978 The Beast from 20000 Fathoms 1953 1-139 was released on: USA: 13 March 1982
Will I have to pay taxes on interest that I opened in my son's name?
If your son is under the age of 18, then yes, you are responsible for the taxes due on your son's interest-bearing account.
What if your son is 17 years old and had earned 5000 during 2009 Does he have to file a tax return?
He is not required to file a return at that income level but if any taxes were withheld, he should file so that the gets a refund of the taxes he paid in for federal and state withholding.
Can I give a gift to my son and his wife?
yes.
Who did people pay their taxes to when Jesus was born?
Taxes were paid to Rome. Some Jewish people took the job of collecting taxes from their countrymen, like Matthew and Zaccheus. These tax collectors were hated and counted as traitors because of their jobs.
