This will still be seen as a gift. There is an annual exclusion of $11,000 for gifts made to each person. There is also a lifetime exclusion of $1.5 Million. So the gift would not be taxable, but you would be using up part of that lifetime exclusion and any future gifts or your estate may be taxable (estate and gift taxes use the same exclusion).
2006-06-23 04:00:33
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answer #1
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answered by Tax Man 2
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Are you talking about avoiding "gift tax?"
Do you know that you are allowed to give $11,000 per year tax free to whomever you want to - you do not pay any taxes on that amount and neither does the recipient.
Theoretically, you could open a joint account and give the other person total control over it.
2006-06-23 03:34:01
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answer #2
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answered by ps2754 5
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mark downs money owed pay pastime in step with a share, say 5% so the extra funds you have the extra pastime you're making. some styles of money owed make extra funds using fact the quantity of time you circulate away the money there is longer, ie you won't have the ability to draw on it for a month or a 300 and sixty 5 days. additionally expenditures would variety somewhat counting on the economic business enterprise. Swiss banks do no longer unavoidably pay an extra pastime than a economic business enterprise someplace else interior the international, regardless of the undeniable fact that different currencies pay different expenditures of pastime, many times extensively in step with the cost of pastime on the standard economic business enterprise in that usa. you may have a Swiss Franc (CHF) account with a economic business enterprise interior the united kingdom or yet another usa in case you like. you won't have the ability to open a economic business enterprise account on line everywhere now with out having to grant anti funds laundering advice which comprise information of id and source of money, inspite of the place that is interior the international. in case you incredibly could ask for this recommendation yahoo isn't the desirable place to get your answer.
2017-01-02 05:58:37
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answer #3
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answered by Anonymous
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what do you mean? put 50k in a joint checking account? that will do nothing. it's not a charitable donation so it won't give you a deduction. if you're looking for someone to give a charitable donation of 50k i'm always available. your taxes are based on your income and then they are lowered with exemptions and deductions.
2006-06-23 03:35:11
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answer #4
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answered by gumby 7
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NO NO NO....you can only give up to $11K and then it has to be a family member for them to not pay taxes on it
2006-06-23 03:37:38
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answer #5
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answered by cookiesmom 7
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I think IRS will come after for evading taxes
2006-06-23 03:32:13
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answer #6
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answered by KAK 1
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i think u can
i have done it in the past
and never pay taxes on savings interest
2006-06-23 03:32:36
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answer #7
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answered by Anonymous
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nope this is illegal....sorry, you must play by the rules just like the rest of us
2006-06-23 12:01:53
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answer #8
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answered by ari_is_me 3
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