How can you buy a house or give money to a person without creating a huge tax bill for that person?
2007-02-10 04:31:49 · 9 answers · asked by warmwardbound 3 in Business & Finance ➔ Personal Finance
You can give each family member 10,000 without them having to declare it. It is a one time thing each year.
2007-02-10 04:39:40 · answer #1 · answered by JAY O 5 · 1⤊ 0⤋
In the UK a gift may be tax free if the donor lives for at least 7 years after giving it. Check with your local tax office to be sure.
2007-02-10 04:58:41 · answer #2 · answered by gerrifriend 6 · 0⤊ 0⤋
Check out the following document. It is an irs document goes over the federal gift tax provisions. If you still aren't sure, speak to a tax attorney before doing anything.
http://www.irs.gov/pub/irs-pdf/p950.pdf
2007-02-10 04:40:06 · answer #3 · answered by Jen G 5 · 0⤊ 0⤋
It comes under what is called a "Gift Tax" It's taxed to you and not them. You need to ask a cpa about the latest changes to that particular law though.
2007-02-10 04:40:47 · answer #4 · answered by Haven17 5 · 0⤊ 0⤋
If you do give it to them, make sure they know that before you give them any $$$ u and them could get in a fight later, so $$$ is something that easily ruins families.
2007-02-10 04:37:37 · answer #5 · answered by magpie 6 · 0⤊ 0⤋
if it's more than $11,000, they have to pay taxes. So, the best thing to do is buy them a house or put in a mutual fund or something in their name.
2007-02-10 04:35:00 · answer #6 · answered by thesunshineking 2 · 0⤊ 1⤋
Depends on the amount. The IRS website has all the info you should need
2007-02-10 04:37:43 · answer #7 · answered by sherry 1 · 0⤊ 0⤋
Don't worry about it.I doubt if you've won the lottery LOL
2007-02-10 04:34:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
just claim you all went in on it together in various percentages, and it will be split betweenst yuns mit der zimilar procordunsh
2007-02-10 05:01:51 · answer #9 · answered by (_)iiiiD 4 · 0⤊ 0⤋
if i am not mistaken then you dont have to pay taxes on gifts.
2007-02-10 04:36:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋