Gift tax, when applicable, is paid by the one giving the gift,
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
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."
No. In fact there may be a tax - the gift tax - that needs to be paid by the one giving it...although if done properly it can normally be easily avoided.However, in the case of property whose value at the time the gift is given exceeds the donor's basis, a portion of the gift tax paid can be used to increase the basis of the property in the recipient's hands. I won't go into the rules for calculating the how much of the gift tax is added to the basis, it's rather complicated. But increasing the basis does have the effect of decreasing the amount of taxable income the one you give it to will have when they sell the property.
No, your gift must simply be less than the annual tax-free amount, which is $15,000 per year in 2012.
Tax should be applied on a vehicle that is gifted in California depending on the cost. For example the average gift tax is 14,000 in which taxes must be paid.
Gift tax, when applicable, is paid by the one giving the gift,
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
The Indian Government - It was a gift
No. There is a limit of $12,000 annually for a single person to give away as gift. And if any tax is due on the gift, it is paid by person who makes the gift and not the recipient.
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
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A gift tax is very rare and most Americans don't need to pay tax on ordinary gifts. The person who gives the gift, not the person who receives it, must pay the tax.
The tax must be imposed on you You must have paid or accrued the tax The tax must be the legal and actual foreign tax liability The tax must be an income tax (or a tax in lieu of an income tax) Tax Must Be Imposed on You You must use form 1116 to file.
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."