Just wondering ? Thak You all , Texas is where there from & how can this affect them if any ??
2007-02-24 14:55:04 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The recipient of a gift never pays tax on the gift, so YOU have not tax liability at all for the $8,000. Gift Tax is assessed on the donor.
Since it's less than the annual exclusion amount of $12,000, your parents to not have to pay Gift Tax on it.
2007-02-24 20:22:02 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No its not. They can give you up to $12,000 a year each, for total of $24,000 for 2006 as a gift tax free. Thats called the annual exclusion. They are the ones who would have to pay taxes on it. Under the unified credit they could give you up to $345.800 over their lifetime and not have to pay taxes on it. However the amount over the annual exclusion amount would count against what could be exempt from their estate, which is a million dollars right now. If they give you over the annual exclusion amount they have to file a gift tax return as well.
2007-02-24 15:48:12 · answer #2 · answered by jeff410 7 · 0⤊ 2⤋
No, gifts are not taxable to the recipient nor deductible by the giver.
2007-02-24 15:08:10 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
You are allowed receiving a one time gift of $10,000 without having to declare tax on it.
2007-02-24 15:13:10 · answer #4 · answered by Anonymous · 0⤊ 3⤋
8 dollars? or 8,000? And, the Answer is no. They can gift you up to 10,000 in a year without affecting their taxes or yours.
2007-02-24 14:59:55 · answer #5 · answered by jhedlind22 3 · 0⤊ 3⤋
No. Your parents may give you $10,000 in gifts without you having to report it as income! Yea Dad Yea Mom!
2007-02-24 15:03:06 · answer #6 · answered by Roll_Tide! 5 · 0⤊ 3⤋
no, it was 10k at one time, but someone told me it got raised to 12k but i am not sure on that one. but no they can gift you and no tax once a year...
2007-02-24 15:05:01 · answer #7 · answered by brown eyes 4 · 1⤊ 1⤋