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Posted by Ken Hansen on January 10, 2007, 9:57 pm
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How much can be recieved as a gift before it is taxable and
if over the limit is the whole amount taxable or just the
amount over the limit?
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Posted by joetaxpayer on January 11, 2007, 1:14 am
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Ken Hansen wrote:
> How much can be recieved as a gift before it is taxable and
> if over the limit is the whole amount taxable or just the
> amount over the limit?
$12,000 per person combination. e.g. a couple may gift their
married child (and spouse) 4 x $12,000 = $48,000.
Only the amount over is an issue. Either gift tax must be
paid or a credit against one's lifetime gift exemption.
JOE
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Phil Marti on January 12, 2007, 3:06 am
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> How much can be recieved as a gift before it is taxable and
> if over the limit is the whole amount taxable or just the
> amount over the limit?
Gifts, regardless of amount or source, are not taxable
income to the recipient. See Publication 525.
Gift tax is the responsibility of the donor, not the
recipient. The 2007 limit for gifts exempt from gift tax is
$12,000 per donor/recipient.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Bob Sandler on January 12, 2007, 7:12 am
Please log in for more thread options > How much can be recieved as a gift before it is taxable and
> if over the limit is the whole amount taxable or just the
> amount over the limit?
You can RECEIVE any amount as a gift, and you do not have to
pay tax on it. There is no limit.
The person who GIVES the gift has to file a gift tax return,
and may have to pay gift tax as joetaxpayer described, if
they give more than $12,000 to any one person.
Bob Sandler
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Missy on January 12, 2007, 7:12 am
Please log in for more thread options Ken Hansen wrote:
> How much can be recieved as a gift before it is taxable and
> if over the limit is the whole amount taxable or just the
> amount over the limit?
There is no limit to the one who receives the gift. The
limit for the donor is $12,000 per person, per year without
filing a gift tax return. If a couple whats to gift a
married child money they can gift the couple a total of
$48,000 per year as the rule is any one person can gift any
one other person $12,000 per year.
Missy Doyle
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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