am i going to have to pay taxes i live in Ma if that helps
2007-02-26 11:49:01 · 10 answers · asked by want to travel 1 in Business & Finance ➔ Taxes ➔ United States
If your mom gives you $66,000 she will have to file and pay any gift taxes due on the amount in excess of $xxxxxx (it was $12,000 last year and may have gone up). You are not required to pay taxes on gifts. It is the giver who pays the tax, if any.
2007-02-26 12:08:34 · answer #1 · answered by Flyboy 6 · 2⤊ 1⤋
No. The recipient of a gift never pays tax on it, but the donor may have to.
There is a $12,000 annual exclusion amount, per recipient for each donor. Any gift larger than that will require a Gift Tax return. They may be able to use their lifetime exclusions to avoid Gift Taxes, but that will affect the future exclusions available to their estates when they die so they should check with a tax pro or financial planner before making the gift.
2007-02-26 22:35:25 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You aren't going to have to pay taxes - the recipient of a gift doesn't report it on their return, or pay tax on it. Your parents will have to file a gift tax return if they give it to you all the same year. They probably wouldn't have to pay a gift tax on it though.
Each person can give up to $12,000 per year to any other person without filing a gift tax return. So each of your parents could give you $12K a year, and spread it out over three years, and nobody would have to report anything.
2007-02-26 21:30:45 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You pay no tax. Your parents may have to pay gift tax. They can each give you $12000 with no reporting or tax. That is $24000. The other $36000 they could save and give $24000 next year, $12000 in 2009. Or they can give the whole amount and file the gift tax return, which probably wouldn't involve tax, but would count against their lifetime gift/estate exemptions.
2007-02-26 20:43:47 · answer #4 · answered by CarVolunteer 6 · 4⤊ 1⤋
Yes, and the amount gifted will also be subject to gift tax. See someone about setting up a family trust - it'll probably be worth spending a few hundred to save thousands.
There are lots of options available. Maybe your parents can spread their gift to you over a few years so that you won't have to pay as much in taxes. Or if you're going to use it to buy a place, maybe they can go on title with you as joint tenants - you'd have right of survivorship, so title would pass to you upon their deaths. It's definitely a good time to talk to a professional, but be sure to talk to someone who'll charge you a flat fee, and isn't commissioned to sell you some hare-brained investment. Good luck.
2007-02-26 19:58:38 · answer #5 · answered by Marko 6 · 0⤊ 4⤋
What kind of house only sells for $66,000, And no you can give someone a gift up to 1 million dollars one time in your life and its tax free, I think something like that.
2007-02-26 19:53:36 · answer #6 · answered by Anonymous · 0⤊ 6⤋
You seriously need to look at the tax law, somewhere it says your mom can give a one time gift to her husband (it doesn't say what happens if he doesn't keep it) if it doesn't go thru your bank acct it would be helpful to you. I inherited and a lady at the court house told me all this.
2007-02-26 19:56:54 · answer #7 · answered by dtwladyhawk 6 · 0⤊ 5⤋
You get taxed for gifts over 10,000 dollars.
2007-02-26 19:52:01 · answer #8 · answered by Geeeyaaa 4 · 0⤊ 6⤋
LMAO - you want to travel? Take the cash and run, set yourself up in a non-extradition treaty country ;o)
2007-02-26 19:51:25 · answer #9 · answered by ? 6 · 0⤊ 5⤋
66k that not alot taxes wont be bad at all
2007-02-26 19:51:49 · answer #10 · answered by Blue 1 · 0⤊ 6⤋