How much money could any one of us give her before we have to pay taxes? Considering there are four of us, is there a total she could receive in aggregate? This is in the United States.
2007-09-14 16:42:03 · 12 answers · asked by Bill 2 in Business & Finance ➔ Taxes ➔ United States
You can each give her $12,000 per year. If you give her more than that you would have to file a gift tax return, but you have a $1,000,000 lifetime exclusion that you could put any excess against above the $12,000 limit.
2007-09-14 16:57:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You do realize that the money you're saving by having a destination wedding would directly become an expense for your siblings? You're simply shifting the expense into someone else's hands, your guests. If you have already shared your plan with your family, I think you need to follow through on paying for your siblings. If you're still in the planning stages and word has not been shared, then it's up to you what you want to do. No, it's not rude to have your wedding at a faraway destination because for guests to come is completely optional. They have the ability to say it's too difficult to get there or too expensive and stay home. But chances are they really want to be there or feel obligated to be there, and putting out this extra expense for your wedding may inconvenience them, in this instance, you could have been more thoughtful. And don't think they don't see that you're saving money while they're spending more. But, bottom line, your wedding, have it where you want, it's up to guests to determine if they can make it or not.
2016-04-04 21:39:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You don't pay tax for giving more than $12,000. You can give up to $12.000 to anyone without having to do anything. If you give someone more than that in one year you have to file a gift tax return. Basically, you are reducing the amount of assets you can pass at death tax free by the amount over $12,000.
2007-09-14 17:38:13 · answer #3 · answered by dcholsted 2 · 0⤊ 0⤋
You could each give her $12,000 a year without having to file a gift tax return. If you're married, you and your spouse could each give her that much without filing a gift tax return. So that would be somewhere between $48,000 and $96,000 for the year, depending on how many of you are married.
Even if you have to file a gift tax return, yoju don't necessarily owe any gift tax.
2007-09-14 19:32:29 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Are you a Filipino? In the Philippines we are obliged to pay back to our parents after raising us, giving us the best education hoping that after graduation and landing a high paying job they can retire and we'll support them. But I think in Japan and the US since older people receive pension and due to the difference in culture, it is the parents' obligation to raise their children and give them the best education that they can have so they will have a better future. And when these children grew up and settle down it's their turn to support their own children. It's some kind of chain reaction.
But in your case you have to talk to your parents, all four of you and ask her what she expects from you, if she needed support maybe you can calculate how much she really needs and you can make arrangement. Remember that you have your personal needs too and you also have to put a certain amount for your savings. Think ahead.
2007-09-14 17:03:44 · answer #5 · answered by Myla O 2 · 0⤊ 1⤋
You, your siblings and your and their spouses may each give her $12,000 without anyone paying any taxes. You may also give her up to $1 million dollars without anyone paying taxes and if any of you give more than the $12,000 you must file a "gift & estate" tax return. So don't worry. give enough to make her comfortable.
2007-09-14 16:50:47 · answer #6 · answered by HH@20 2 · 3⤊ 0⤋
STS1SS is correct. Pay all the expenses of your mother that is provide her support. Then each of you can separately gift her $12,000 without any gift tax liability.
If you and your spouse together gift her more than $12,000 but up to $24,000, there will not be any gift tax but you will have to file gift tax return.
2007-09-14 19:36:29 · answer #7 · answered by MukatA 6 · 0⤊ 1⤋
This appears to me to be overly complicated.
I assume you are asking this because your mother is in need of some kind of support?
$12,500 if the money is a gift. If you claim here as a dependent then monies used to support her are not a gift, and therefore not taxable. In fact you would be entitled to claim her as a dependednt if you provide more than 50% of her support.
Ask an accountant to be sure, but if the question arises from a need to provide her support, consider taking her on as a dependent.
Obviously factors such as her income, if any, do come into play.
Good luck.
2007-09-14 17:00:16 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Also, if she has medical bills, you can pay those directly to the provider and that won't count toward the $12,000.
2007-09-15 06:55:31 · answer #9 · answered by r_kav 4 · 0⤊ 0⤋
$12,000 per IRS in 2007
2007-09-14 16:48:41 · answer #10 · answered by Lee G 3 · 2⤊ 0⤋