I just bought a house and my parents were going to give me 10,000
I heard if you deposit that much into a bank account they sent a notice to the IRS is that true and i will have to pay a gift tax of something. I tried looking up gift tax and they do not say how much the tax is and how much of a gift does it become an issue? THank you
2007-01-28 11:41:57 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
An interesting question. The recipient never gets taxed, and the giver may be taxed and should report gifts over $12000. I don't think anybody watches bank accounts (without a warrant...)
2007-01-28 12:02:06 · answer #1 · answered by The man in the back 4 · 1⤊ 0⤋
No, not a problem, the amount is under where your parents would have to file a gift tax return. The person who receives the gift doesn't pay the gift tax anyway, the donor does, but there's only a tax if it's much more than the amount you're talking about.
2007-01-29 12:53:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There is no tax since the gift was less than 12,000/year. However, the bank does report deposits of more than 10,000 to the government for security purposes, since it is considered unusual activity that may indicate some sort of crime, drug money or something.
2007-01-29 11:57:57 · answer #3 · answered by growing inside 5 · 0⤊ 0⤋
Not if you have proof that it was a gift. Check out the IRS website.
2007-01-28 19:50:26 · answer #4 · answered by Raine 4 · 0⤊ 0⤋
no you can recieve 12,000 per year as a gift and not report it.
2007-01-28 19:49:57 · answer #5 · answered by Steven L 2 · 0⤊ 0⤋
not in Canada :o)
2007-01-28 19:45:48 · answer #6 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
u pay 50% of wat u recieve.. and u send it to my address. i take cre of isr for u
2007-01-28 19:50:15 · answer #7 · answered by xreighted s 2 · 0⤊ 4⤋