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Yes as long as it is a qualified gift according to the IRS gov website definition.
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
For tax year 2009 or 2010 one individual can gift to any other number of individuals up to $13,000 each without any reporting by either party each year.
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.
If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year.
For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
The instructions are available at the IRS gov web site choose within Forms and Publications
However, what you call a gift and what the IRS defines as one may be different.
For tax year 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year.
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.
If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year.
For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
The instructions are available at the IRS gov web site choose within Forms and Publications
However, what you call a gift and what the IRS defines as one may be different. And many things the world calls a gift are very much taxable indeed.
For example, remember when Oprah gave everyone in the audience a gift of a car? And then the INCOME TAX on the value of that gift was indeed due by the one getting it? (As is tax on winning any game show or lottery, etc)
The same is true in most all situations (outside of family) - call it what you want that doesn't change it (bonus, gift, holiday extra, performance, good looks, etc- whatever - it's income) - if you are given ANYTHING of value the value you have been given is taxable. PERIOD
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What is maximum gift amount without paying taxes for 2011?
The maximum gift you can give is $13,000 to any one individual. The amount goes up to $26,000 if you are married. Hope this helps.
What is the maximum amount of money you can make without paying taxes?
This depends on your filing status and number of dependents. Sorry I couldn't give you an answer but I would need this information to give you a correct figure.
What is the minimum amount of money you can earn without paying taxes?
Less than 3 thousand a year.
Do you always have to pay taxes on an inheritance property?
Yes, you always have to pay taxes on an inheritance property. The percentage would be depend on the property value. is it from dollar one or is there a set amount that you can inherit without paying taxes?
What is maximum income for an 80-year-old single male before paying taxes?
$25,000
Is there a maximum to unemployment taxes paid by an employer?
The taxes paid to the state by the business (for the purpose of the state paying unemployment claims) through their payroll taxes are determined by the state collecting them.
If your mom leaves you 25000 do you have to pay taxes?
I believe that you can receive a monetary gift up to certain amount without having to paying taxes on it. I think the amount is like 15,000. You can also go to a local tax prep place and ask. Look in your local phone book.
Can you sell car as private person without paying tax?
No. Taxes are mandatory.
How much can you inherit in oregon without paying taxes on it?
It depends on the will and who is inheriting the money. A spouse can receive the entire estate with no taxes.
How much can you make without paying taxes?
how much money can you earn per year, without having to pay taxes, i was told it was approximately $8,000, is that correct?
Which is a duty of American citizen?
paying taxes
What does annual income means?
Amount of money made in one year from all sources before paying taxes on it
