2006-12-22 02:00:06 · 7 answers · asked by Joseph R 1 in Business & Finance ➔ Taxes ➔ United States
I found this on the IRS website last year when i was looking for tax info:
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than the annual exclusion ($11,000 in 2002, 2003, 2004 and 2005; $12,000 beginning in 2006) for that year. Although a return may be required, no actual gift tax will become payable until the cumulative lifetime taxable gifts exceed the applicable exclusion amount. The donor is primarily responsible for the payment of the Gift Tax.
2006-12-22 02:06:59 · answer #1 · answered by dcVixen 4 · 0⤊ 0⤋
There are certain types of Income that SSI does and does not care about. "loans to you (cash or in–kind) that you have to repay" The loan is not income so it would not be counted in the income requirement. "small amounts of income received irregularly or infrequently;" I do not beleive that monies received from judgments is considered income(earned or unearned) so it may not even come into play. However, even though $2,500 is not a small amount. It is probably safe to say that they are not going to receive that again. So while they would probably be safe, it would be worth a call to the SSA to get a clear answer.
2016-05-23 15:31:35 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You never report a gift or inheritance as income. You can give up to 12000 per person per year without having to file a gift tax return. You can give an unlimited amount to your spouse unless she is a noncitizen.
2006-12-23 01:27:47 · answer #3 · answered by woodluvto 2 · 0⤊ 0⤋
Your question is not clear. You can given any amount and it does not effect the giver or the receiver for income tax purposes.
The receiver never has any tax issues. (assuming it is truly a gift and not income; for example a gift from an employer to its employees for years of service is income).
The giver faces estate tax consequences and gift tax consequence. That is wht you should be asking about.
2006-12-22 02:08:48 · answer #4 · answered by Ubiquity 2 · 1⤊ 0⤋
5000
2006-12-22 02:07:48 · answer #5 · answered by hayy69hayybitch 1 · 0⤊ 0⤋
I just heard this on the radio the other day...up to $10,000 per person!
2006-12-22 02:10:02 · answer #6 · answered by peace2all 3 · 0⤊ 0⤋
$12,000.00 for 2006 per person
2006-12-22 02:11:05 · answer #7 · answered by statue 2 · 0⤊ 0⤋