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The child would have to claim it on taxes. Anything over ten thousand dollars is taxable. The limit has been raised for 2006, 2007 and 2008 is $12,000.
I disagree with the above.
Gifts aren't taxable under the income tax laws, but rather under the Gift Tax rules. That is, the tax is on the one that gives it, not the one that receives it. The gift tax has a number of options you can use...as shown below. (One caveat, in certain family situations you need to consider the lifetime gift exclusion for estate taxes, but it rarely becomes an issue).
If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts generally are not taxable and do not count against the annual limit: * Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit * Gifts to your Spouse * Gifts to a Political Organization for its use * Gifts to Charities If you are married, both you and your spouse can give separate gifts of up to the annual limit of $12,000 to the same person without making a taxable gift. Alternatively, with consent from your spouse, you can make a gift of up to $24,000 ($12,000 x 2) to the same person without making a taxable gift. This is commonly known as splitting gifts between spouses. Essentially, it means a gift by you or your spouse to a third person can be considered as made one-half by each of you provided there is consent by both spouses. Now, if your adult child has a spouse, and or children, how much money can you give that isn't GIFT TAXABLE? Or, maybe it was a 50K loan you gave to that individual, (with interest of "love and affection"), principal payable at 12000 a year...that you can then gift each year.
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What tax is payable on a gift of 10000 from a parent to an adult child?
no tax if that is the only gift of that calendar year
Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
If child lives with higher income parent who claims on taxes every year?
The parent who is considered the custodial parent.
What is a parent company account?
Parent company account is the parent's company in consolidated financial statments where parent and child relationship exists in group accounting.
Can you claim a child's college tution on parent's taxes?
YES
What happens when a parent threatens an adult child?
The "adult child" can apply for a restriction order if the threat is serious. (The term "adult child" is contradictory, a more accurate term should be used.)
Can a parent get medical records of an adult child?
A parent can get the medical records of an adult child if the adult child gives express permission.
Can an adult child sue a non custodial parent for the parent's assets?
Is this a trick question? If the child is legally an adult (and therefore 'emancipated') then there is no "custodial" parent.
Can an adult sue a father for not paying child support?
No, the child can not. The other parent could before the child was an adult. The money goes to the parent to use for the child and not directly to the child.
If a parent of an adult is getting back court ordered child support and the parent is gambling it away can the adult child get it directly?
extremely unlikely
Can adult child waive arrearages?
No. The custodial parent is/was the obligor, not the child.
What happens when child rapes the parent?
When a child rapes the parent the child is charged according to the laws of that state.
What is Parent legal responsibility for adult child in Texas?
No, they are not.
What happens If you are a fourth child of a fourth child?
Nothing extraordinary happens. You are just a child of a parent.
If your undreage and the father is of age can any one keep you from the child?
Only if you prove to be an "unfit" or bad parent. The parent that is an adult has not more rights to the child because they are an adult and you are not.
Can a parent have an adult child hospitalized?
Only if the parent is the legal guardian of the child's person. If the child is a danger to herself or others, the parent can petition the courts for involuntary commitment.
Can a parent file for child support after age 19 and child is a parent of her own?
No, the filing period ended at age 18 for the parent, and age 19 for the adult child.
