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Gift Tax Rules
What are Gift Taxes?
are taxes that enforced on the transfer of ownership of properties from one person to another. When items are moved from a person directly or indirectly; the money or the value of it does not have to be returned. Gift tax can often be confusing when you do not understand the legal ramification the tax can have. Read below where various questions have been answered by the Experts regarding gift tax.
If a person is planning on receiving $150,000 as money gift. Is this amount subject to gift tax? If yes, since the sender doesn’t have a United States social security number, how can they file the tax?
The requirement for filing for gift taxes applies towards the sender of the gift that is citizens of the United States. If the sender of the money gift are not citizens or legally reside in the United States; the sender will not be liable for the gift
. The receiver of the money gift will not be liable for the gift taxes as well. If the person receives a gift from a person that is foreign; that person will have to file the Form 3520.
If a spouse’s parents are taking funds out of there living trust to help someone buy a home. Will this be deducted from the spouse’s share of the trust once both parents pass away? What kind and what percentage of tax will be assessed when this is done?
When a person receives a gift; the person will not have to file the claim as a type of income. The spouse’s parents as the givers will have to file a return for the gift tax if the value of the gift is $12,000 or more per person per year. Gift taxes will not be reached unless the lifetime limit of $1,000,000 is reached.
If a person bought another individual a vehicle valued at $40,000; would that person have to pay gift taxes?
If the person is not married; then the person that bought the vehicle is the person responsible for paying the gift taxes to the
Internal Revenue Services
; if the value of the gift adds to the amount of $11,000 a year per person without incurring any filing requirement. If the person goes over the amount then that person will have to file a Form 709will be required to file form 709 to report the gift. If the person has given out gifts before; then a check will not have to be written to the Internal Revenue Services.
What are the gift tax rate in France?
The Gift Tax Rate in France is: Spouses/Partners - 80,724 between spouses and those in civil partnerships. Children - 159,325 from each parent to each child (or child to parent). Grandchildren - 31,865 from each grandparent to each of their grandchildren. Brother/Sisters - 15,932 to brothers and sisters. Nieces/Nephews - 7,967 to nieces and nephews.
There are individuals that may want to buy a gift for a loved one or a friend that they may have. Gift Taxes are charged are often to the gifts that are given to someone. Some people are interesting in knowing how
can be made for the gift taxes. What are gift tax exclusions? What is Gift Tax return? Experts are here with answers relating to Gift Taxes.
Recent Gift Tax Questions
Is it necessary spouse of a person who has filed a
Is it necessary for the spouse of a person who has filed a Form 709 providing for the "split with spouse" option to also file a Form 709 for that split gift portion?
Grantor established a Nevada LLC with his wife, & then registered
Grantor established a Nevada LLC with his wife, & then registered it as doing business in California. California property was transferred to the LLC. Simultaneously, Grantor and wife established an IDGT. Ownership of the LLC is held 1% by Grantor as an individual and 99% by the IDGT. SS4 listed the LLC as a one-member disregarded entity. No tax returns have been filed. Wife died in the next taxable year. The question is, for Federal, is the LLC a partnership return, or disregarded until remaining grantor passes? Second q is, for California, would LLC be considered a "two member" LLC requiring partnership status for filing 568? Or is it considered a sole member LLC because grantor takes in all the income. Can't seem to find the answer on point. Thanks for any help you can give.
Stephen G: Can a 1041 Trust have Medical Deductions like
Stephen G: Can a 1041 Trust have Medical Deductions like 1040-schedule A? Situation: Elderly taxpayer - files a 1040 - Interest, dividend, pension, social security income and (this year) large capital gain of $16k (from the sale of mutual funds) - we were
able to shelter all income from tax with itemized deductions (she will own Michigan a small amount) She also has a Trust and files a 1041 - Dividend income, and (this year) large capital gain (from the sale of mutual funds) Expenses are foreign taxes, fiduciary
fees, tax prep fees - Income $35,200, Deductions $1,600 - taxable income = $33,500 : Tax = $6,500 Her daughter is Beneficiary of the Trust, and as brought the returns to me to complete. - I've done the 1041 the past 2 years - The past 2 years; very little
activity and taxes (dividends and (small) capital gains income, less fees, and other small expenses) = small tax amounts - I've done the 1040 just 1 year (2013) - 2013 had very little activity (interest, dividends, (small) capital gains, social security) income
= $12k, no taxes (using the standard deduction) The daughter now wants to know if we should put any of the itemized deductions (medical and assisted living care costs) against the 1041. I don't work in this area, and frankly don't know. I do not have a copy
of the Trust Document, I'm not sure of its purpose. Thanks! John H.
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