2007-04-08 15:51:00 · 16 answers · asked by mel 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Hello, Mel! No, the gift would NOT be taxable to you. Per IRS Publication 525 (linked below), gifts are never taxable to the recipient upon receipt, except when the gift itself is specifically stated to be the income from some property. Like the others said, your dad might have to file a gift tax return (Form 709).
While the gift itself is not taxable to you, any future income that it generates (like if you put it into an interest-bearing savings account, investments that generate dividends, rentals, sale of property, etc) is subject to normal taxation rules. Check the link for details, and congrats on the gift! :-)
2007-04-08 18:15:08 · answer #1 · answered by Anonymous · 1⤊ 1⤋
No, since the gift exceeds the maximum allowable gift in an given year, your father has to file a gift tax return. The $35K would normally incur a tax, however, the same credit allowed when you receive an inheritance is applied to this "paper" tax. The amount they can ultimately gift to you at their death is lowered by this amount, but that is often irrelevent (sp?)
2007-04-12 08:20:52 · answer #2 · answered by Anonymous · 0⤊ 1⤋
No, gifts are not taxable to the recipient.
If your dad gives you that much in one year, he'd have to file a gift tax return, and possibly pay a gift tax but probably not.
2007-04-09 03:25:12 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
someone has to pay the sales tax - both you or them. Transfers of identify interior a family individuals oftentimes do not incur sales tax - or you may in simple terms have the titles put of their names contained in the first position. sales tax is a state challenge and has no longer something to do with the IRS. yet when the price of each and every automobile is over $13,000, it really is mandatory to report a present tax go back once you're a US citizen.
2016-11-27 20:22:23 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No. The recepient does not pay taxes on the receipt of a gift.
However, the payer must report the gift in excess of the annual allowable amount of $ 11,000. Since the gift is in excess of $ 11,000, the payer will
lose part of his unified estate tax credit.
2007-04-09 04:12:42 · answer #5 · answered by bold4bs 4 · 0⤊ 2⤋
Forget the gift and have him call it a LOAN! your payments can be 10 bucks a month (lunch) and I believe there is no tax applied to a loan
2007-04-12 09:18:21 · answer #6 · answered by Anonymous · 0⤊ 1⤋
yes, but there is a certain amount that he can give without being taxed. I think it was at $10,000 per year.So if you spread it out over 3 or 4 years you wouldn't have to pay.
2007-04-12 13:58:52 · answer #7 · answered by aikodogg 1 · 0⤊ 1⤋
yes as far as i know the only time u can receive a cash gift like that is that your spouse is allowed to make a gift to you in the amount around $60,000. i might be wrong on this but i believe im correct.
2007-04-12 08:15:32 · answer #8 · answered by charlie12329745 1 · 0⤊ 1⤋
no...the united states government allows a one time tax free gift to family members up to $65,000.00
2007-04-12 08:19:02 · answer #9 · answered by Anonymous · 0⤊ 1⤋
no,, you don't,, but he will if he give you more than $12,000. a year.
If your dad is married,, his wife could give you $12,000. also
and he could give uncle Jo 12K and have uncle Jo give it to you,, but dad can only gift to you $12,000. in one year before owning gift tax.
2007-04-08 15:55:18 · answer #10 · answered by Jo Blo 6 · 1⤊ 1⤋