S
smprfidels
Guest
I live in MO and am curious how much money can be received in the form of one or more gifts before you must claim it on your income taxes as income?
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T
Taxguy
Guest
gifts are *not* subject to income tax
S
smprfidels
Guest
when ARE received gifts taxed
TaxGuy,
Thanks for the quick answer. I noticed that you put astericks around the "*not*" in your response does that mean there are some exceptions to that answer?
TaxGuy,
Thanks for the quick answer. I noticed that you put astericks around the "*not*" in your response does that mean there are some exceptions to that answer?
T
Taxguy
Guest
>>does that mean there are some exceptions to that answer?<<
Nope,...its for emphasis.
Nope,...its for emphasis.
N
NNIICCKKYY
Guest
I thought any cash gift over $10,000 was subject to taxes..
T
Taxguy
Guest
>>I thought any cash gift over $10,000 was subject to taxes..<<
Not Income Taxes,...which was the question.
Not Income Taxes,...which was the question.
ELNbluemax2
Member
The recipient of the gift is not liable for any tax. It is the "giver" who files a return, if the gift is over 10,000 in any given year, and pays any tax due.
(I'm not a lawyer, but, read a lot)
Wanda
(I'm not a lawyer, but, read a lot)
Wanda
T
Taxguy
Guest
>>(I'm not a lawyer, but, read a lot)<<
Well then,....maybe you should try reading the questions that are posted. The QUESTION was about INCOME TAX.
Well then,....maybe you should try reading the questions that are posted. The QUESTION was about INCOME TAX.
ELNbluemax2
Member
Was that a "considerate, respectful and polite" response to my reply? I think not.
I WAS talking about income tax. There is no income tax due from the recipient of a gift. I was only explaining further, that there is a gift tax due on the excess over $10,000 (in most cases), but, it's owed by the giver of the gift.
I WAS talking about income tax. There is no income tax due from the recipient of a gift. I was only explaining further, that there is a gift tax due on the excess over $10,000 (in most cases), but, it's owed by the giver of the gift.
K
kwyatt
Guest
Related 'gift' & income taxable question
I live in MD and have a similar gift question concerning my mortgage.
My elderly mother 'gifted' me the remainder of the money to pay our mortgage off. I understand that she has to use the unified exemption to make it tax free to her, since it is over $10,000 - but I am getting conflicting info on my status.
A local tax CPA tells me that I have no tax obligation. I asked the IRS about it, and they tell me that it is additional reportable income. If I do have reportable income on that 'cash' gift, I will have to take a mortgage out to pay off the tax...
Thanks, K.
I live in MD and have a similar gift question concerning my mortgage.
My elderly mother 'gifted' me the remainder of the money to pay our mortgage off. I understand that she has to use the unified exemption to make it tax free to her, since it is over $10,000 - but I am getting conflicting info on my status.
A local tax CPA tells me that I have no tax obligation. I asked the IRS about it, and they tell me that it is additional reportable income. If I do have reportable income on that 'cash' gift, I will have to take a mortgage out to pay off the tax...
Thanks, K.
T
Taxguy
Guest
>>I asked the IRS about it, and they tell me that it is additional reportable income. <<
Absolute NONSENSE !!
Gifts are NOT subject to income tax,....PERIOD.
Absolute NONSENSE !!
Gifts are NOT subject to income tax,....PERIOD.
K
kwyatt
Guest
Thank you. FWIW, would it kill the IRS to make that statement somewhere? ;-)