2007-02-22 23:41:53 · 10 answers · asked by Ashish 1 in Business & Finance ➔ Taxes ➔ United States
No. If the gift was given in 2006 then it is below the annual exclusion of $12,000.00 for the calander year. Just follow the link below to see the IRS infromation on their website.
2007-02-22 23:55:10 · answer #1 · answered by Anonymous · 0⤊ 1⤋
That depends.
Gift Tax is normally paid by the donor, not the recipient. However, if the donor is not subject to US tax laws, the recipient may be required to pay the Gift Tax.
There's an easy way around that, though, if the donor files a US Gift Tax return and uses their exclusion amount to offset the gift. A donor gets a $12,000 annual exclusion per recipient per tax year. If gifts are spread out over several tax years, no tax will ever be due.
Additionally there is a lifetime exclusion that is part of the Estate Tax exclusion amount, currently $2 million. Any lifetime exclusion amounts reduce the Estate Tax exclusion amount but if the donor isn't subject to US taxes, that's a moot point.
2007-02-23 00:04:00 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not to the recipient, but do you have evidence that it is a gift? Some cultures call exchanges of money gifts when here in the USA and other western countries it is income. That is not meant to be racist, merely an observation borne of professional experience.
2007-02-22 23:46:42 · answer #3 · answered by skip 6 · 0⤊ 1⤋
According to my tax preparation some income from other countries are excluded, such as Guam, Samolia and a few others. I would put in for a long wait on the IRS phone line and call and make sure. I have the feeling this will be taxable for you.
2007-02-22 23:51:04 · answer #4 · answered by perleo 3 · 0⤊ 4⤋
Heck no, and lucky you! You can always call the IRS with their 800# listed for your area if you want to make sure. They won't ask you for your name or Social Security number when you call. It might be a struggle to get through to them at this time of year...but you're in the clear on this one.
2007-02-22 23:46:00 · answer #5 · answered by Barbara 5 · 0⤊ 1⤋
recipients are not to any extent further taxed on presents the guy giving is constrained to $13000/year in line with recipient(or if married $26000) the giver is taxed on any presents that exceed the bounds(lifetime $5mil)
2016-12-04 20:18:03 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Absolutely.
2007-02-22 23:44:14 · answer #7 · answered by Terri J 7 · 0⤊ 4⤋
Keep it asecret between you and your relative
2007-02-23 02:17:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋
if its in cash than no. if its a check or a way that shows you receive it then yes..
2007-02-22 23:51:18 · answer #9 · answered by #@%! 3 · 0⤊ 2⤋
no
2007-02-22 23:43:56 · answer #10 · answered by booge 6 · 0⤊ 1⤋