2007-09-17 01:15:19 · 7 answers · asked by tam k 1 in Business & Finance ➔ Taxes ➔ United States
not sure about the law herein the UK,but if you have money
you are entitled do do whatever you want with it ,after all you have already paid the bloodsuckers
so why should you pay them again,however they may be something about IE to hand over properties to a member of the family while you are still living, to avoid tax duty that's a different ball game I do hope someone else, that know the ins and outs will enlighten us good luck very interesting question
2007-09-17 01:34:02 · answer #1 · answered by Anonymous · 0⤊ 2⤋
You can give him up to $12,000 each year and not have to file a gift tax return. If you have a spouse you can each give him that much, for a total of $24K.
If you go over that amount, you'd have to file a gift tax return, but might not have to pay any tax on the gift up to $1 million.
2007-09-17 11:01:44 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The maximum you can give without having to file a Gift Tax return is $12,000 in any one year. Above that you have to file but may not have to pay any tax. There is a $1,000,000 lifetime exclusion on top of the annual $12,000 exclusion. However that $1,000,000 exclusion will reduce your estate tax exclusion dollar for dollar when you pass on.
If you have not used any of your lifetime exclusion, you could give him a one-time gift of $1,012,000 with no tax whatsoever.
2007-09-17 08:37:26 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Hello Tam K ,
well this depends where you live and on many other factors ,
see your partners in work how much did they ?!!! also your
neighbours , if you need to know more about wisdom
desicions about fee & children go to Only Best Deals , i am
sorry i cant post the link here so open google and type :
Only Best Deals ,
now in search results the first line a site called Only Best
Deals , and check the right green titles about money & Credit
taxes and so on , , , Hey also use the top search box there
which must find any thing you looking for specifically ,
i hope this help you TAM .
2007-09-17 08:28:05 · answer #4 · answered by S a l m a 2 · 0⤊ 3⤋
Depends where you are. Apparently in the UK it's up to £3k a year, tax free.
2007-09-17 08:22:33 · answer #5 · answered by Away With The Fairies 7 · 0⤊ 2⤋
Can you please wait a minute until I quess in which country you live and then I shall tell you?
2007-09-17 08:40:06 · answer #6 · answered by Anonymous · 0⤊ 2⤋
over two million if you have it
2007-09-17 08:27:20 · answer #7 · answered by cornyginger 3 · 0⤊ 2⤋