Dianne Tenhoff

Dianne Tenhoff

General coffee aficionado. Amateur twitter buff. Total tv expert. Evil web geek. Incurable music scholar.

49 Posts Written
Does the gift recipient ever have to pay gift tax?

Does the gift recipient ever have to pay gift tax?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

What gifts can be deducted from taxes?

What gifts can be deducted from taxes?

Gifts, in general, are not tax-deductible. Gifts to individuals are not tax-deductible.

Are all gifts subject to the gift tax?

Are all gifts subject to the gift tax?

If you give people a lot of money or property, you may have to pay a federal gift tax. But most donations are not subject ...

How much money can a parent transfer to a child tax-free?

How much money can a parent transfer to a child tax-free?

If you choose this path, you'll want to make sure your child understands the basics of money management to make sure...

How can i legally give money as a gift?

How can i legally give money as a gift?

If you donate more than the exclusion to a payee, you'll need to file tax forms to disclose those gifts to the IRS. You...

Can you gift $10000 tax-free?

Can you gift $10000 tax-free?

The gift must be of a “current interest” in the property, which means an unrestricted right to immediately use or...

Are annual gifts taxable?

Are annual gifts taxable?

You will never have to pay taxes for gifts that are at or below the annual exclusion limit. You'll want to review your...

How much money can i receive as a gift and not pay taxes?

How much money can i receive as a gift and not pay taxes?

This method should be reserved for taxpayers who have no record of which tax year (s) a gift tax return was filed. If you ...

Is a $15 000 gift taxable to the recipient?

Is a $15 000 gift taxable to the recipient?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

Can you gift someone $10000 without paying taxes?

Can you gift someone $10000 without paying taxes?

You may even have to pay taxes for the donation. The person receiving your donation does not have to report the donation...

How much money can a parent give a child without tax implications?

How much money can a parent give a child without tax implications?

Any transfer to a person, either directly or indirectly, in which total consideration (measured in money or monetary...

What is not considered a gift for tax purposes?

What is not considered a gift for tax purposes?

Usually, the following gifts are not taxable. Gifts that don't exceed the annual calendar year exclusion.

What constitutes a gift for gift tax purposes?

What constitutes a gift for gift tax purposes?

You make a donation if you give a property (including money), or the use or income of the property, without expecting to...

Does the receiver of a gift pay tax?

Does the receiver of a gift pay tax?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

What gifts are not tax-deductible?

What gifts are not tax-deductible?

Generally, the following gifts are not taxable gifts, gifts that do not exceed the annual calendar year exclusion,...

How much can you gift annually without paying taxes?

How much can you gift annually without paying taxes?

The first method of tax-free donation is the annual exclusion of gift tax. Unfortunately, donations made to cover books...

What gifts are not subject to gift tax?

What gifts are not subject to gift tax?

Generally, the following gifts are not taxable gifts, gifts that do not exceed the annual calendar year exclusion,...

How can i gift someone money without paying taxes?

How can i gift someone money without paying taxes?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

How can i gift money without tax penalty?

How can i gift money without tax penalty?

The first method of tax-free donation is the annual exclusion of gift tax. The general rule is that any gift is a taxable ...

Do annual gifts count as income?

Do annual gifts count as income?

A donation is not considered income for federal tax purposes. People who receive gifts of money, or anything else of...

Can you gift someone money tax free?

Can you gift someone money tax free?

The first method of tax-free donation is the annual exclusion of gift tax. The general rule is that any gift is a taxable ...

How much money can a person receive as a gift without being taxed by irs?

How much money can a person receive as a gift without being taxed by irs?

Instructions on how to use the Electronic Federal Tax System (EFTPS) can be found in Publication 4990PDF (do not use...

Do i have to pay taxes on a $20 000 gift?

Do i have to pay taxes on a $20 000 gift?

But you won't actually owe any gift tax unless you've exhausted the amount of the lifetime exemption. The assets you...

How much money can you receive as a gift without paying taxes?

How much money can you receive as a gift without paying taxes?

The first method of tax-free donation is the annual exclusion of gift tax. Upon receipt and verification (including...

How much money can you be gifted without paying taxes?

How much money can you be gifted without paying taxes?

The first method of tax-free donation is the annual exclusion of gift tax. The rental house generates enough cash to pay...

Can you claim gifts as a tax deduction?

Can you claim gifts as a tax deduction?

Usually, the child or person receiving the gift does not have to pay a tax on the amount given. While employee gifts have ...

Does a gift from your parents have to be reported to the irs as income?

Does a gift from your parents have to be reported to the irs as income?

If you recently received a hefty gift from mom and dad, don't worry about the gift tax. Usually, the IRS holds the tax...

How much can you gift someone in a year without paying taxes?

How much can you gift someone in a year without paying taxes?

The first method of tax-free donation is the annual exclusion of gift tax. Take the time to meet with a tax and...

Are christmas gifts subject to gift tax?

Are christmas gifts subject to gift tax?

Making a gift doesn't necessarily affect your federal income tax. You cannot deduct the value of donations you make...

What gifts qualify for the annual exclusion?

What gifts qualify for the annual exclusion?

This is the amount you are allowed to leave in your estate or give away during your lifetime, tax-free. The general rule...

What are considered gifts for tax purposes?

What are considered gifts for tax purposes?

The IRS defines a gift as “any transfer to a person, either directly or indirectly, in which full consideration is not...

Does a slat require a gift tax return?

Does a slat require a gift tax return?

Tax Return Filing Requirements The transfer of ownership to the SLAT will cause the need to report the transfer on a gift ...

What gifts are excluded from the gift tax?

What gifts are excluded from the gift tax?

However, while gifts to your spouse are exempt, gifts to your children, grandchildren, other family members or friends...

Does the recipient of a gift have to report it to the irs?

Does the recipient of a gift have to report it to the irs?

You may even have to pay taxes for the donation. The person receiving your donation does not have to report the donation...

Are christmas gifts tax-deductible?

Are christmas gifts tax-deductible?

The first step is to determine what type of gift you are making or receiving and if you qualify for a tax-exempt gift or...

Do gifts to a slat qualify for the annual exclusion?

Do gifts to a slat qualify for the annual exclusion?

Funding the SLAT Such gifts are excluded from gift tax only if they are “gifts with present interest,” meaning that...

Can you write off gifts to family?

Can you write off gifts to family?

Donate to Family The short answer is, as much or as little as you want, with no tax consequences. Gifts to individuals...

What gifts do not qualify for the annual exclusion?

What gifts do not qualify for the annual exclusion?

Direct gifts to a more remote grandchild or descendant up to the annual exclusion amount are non-taxable gifts and are...

What qualifies as a gift for tax purposes?

What qualifies as a gift for tax purposes?

You make a donation if you give a property (including money), or the use or income of the property, without expecting to...

Who pays taxes on money given as a gift?

Who pays taxes on money given as a gift?

The person making the donation files the gift tax return, if necessary, and pays any taxes. That still doesn't mean they...