Gift Tax

Reply #13

visiondude — Thu, 07 Aug 2003 00:30:44 GMT

DEAL,just waiting for da money.there are tradeoff's as there is good and bad no matter where one lives. but out of all the research i have done, it sounds like the perfect place that would compliment my lifestyle (kickback, but fun just around the corner). i have physically been there once before and was awestruck at the surrounding beauty. the people were warm and friendly, just like i like em.you never know, we could be neighbors. i could teach you golf and you could teach me.........?we... [ More ]

Reply #12

megamillionaire — Wed, 06 Aug 2003 22:51:19 GMT

Quote: O

Reply #11

a002 — Wed, 06 Aug 2003 14:44:51 GMT

Quote: Originally posted by midwstrngirl on August 05, 2003 you are allowed a lifetime gift of 1 million in addition to th 11,000 per year...if you exceed the 11,000 gift in any given year, it is deducted from the 1 million lifetime total...after the 1 million lifetime total the giver must pay a 50% gift tax...this is to prdvent the wealthy from gifting their entire estate before death in order to avoid paying estate taxesif you are married...you can double these amounts No you are not. The life... [ More ]

Reply #10

visiondude — Wed, 06 Aug 2003 13:32:53 GMT

mega,i have do

Reply #9

megamillionaire — Wed, 06 Aug 2003 13:22:03 GMT

Quote: Originally posted by visiondude on August 06, 2003 mega,got my eye on victoria british columbia, the mildest climate in canada. you can play golf there all year round. conde naste traveler has voted it in the top 10 most beautiful cities in the world to visit.plus you can still see the united states across the bay (lol).now i am off to practice OH CANADA and all those history/information questions that the immigration officials are going to ask me.VDQPLS (i ain't no hockey puck, chuck... [ More ]

Reply #8

visiondude — Wed, 06 Aug 2003 01:32:37 GMT

mega,got my eye on victoria british columbia, the mildest climate in canada. you can play golf there all year round. conde naste traveler has voted it in the top 10 most beautiful cities in the world to visit.plus you can still see the united states across the bay (lol).now i am off to practice OH CANADA and all those history/information questions that the immigration officials are going to ask me.VDQPLS (i ain't no hockey puck, chuck

Reply #7

megamillionaire — Tue, 05 Aug 2003 23:30:23 GMT

Quote: O

Reply #6

visiondude — Tue, 05 Aug 2003 15:23:20 GMT

or you can move to canada

Reply #5

midwstrngirl — Tue, 05 Aug 2003 12:27:02 GMT

you are allowed a lifetime gift of 1 million in addition to th 11,000 per year...if you exceed the 11,000 gift in any given year, it is deducted from the 1 million lifetime total...after the 1 million lifetime total the giver must pay a 50% gift tax...this is to prdvent the wealthy from gifting their entire estate before death in order to avoid paying estate taxesif you are married...you can double these amounts

Reply #4

Thomas Covenant — Tue, 05 Aug 2003 10:31:10 GMT

It is used in conjuction with the Estate(Death) tax. Upon your death the government takes up to 50% off the top of your estate. If you wanted to give away most of your money before your death to avoid the estate(death) tax that's where the Gift tax comes in. If you give away in excess of $11,000 in one year to one person, or in excess of $1,000,000 in your lifetime, you, not the person who receives the gift, owes up to 50% of the gift to the government for taxes.

Reply #3

megamillionaire — Tue, 05 Aug 2003 01:06:55 GMT

A separate annual exclusion applies to each person to whom you make a gift. For 2002 and 2003, the annual exclusion is $11,000. Therefore, you generally can give up to $11,000 each to any number of people in 2002 and 2003 and none of the gifts will be taxable.

Reply #2

megamillionaire — Tue, 05 Aug 2003 00:55:49 GMT

I believe that you can give a person up to 11 grand a year as a gift, anything over that they must pay income taxes on. Check the IRS site on gift taxes.http://search.irs.gov/web/query.html?col=irsweb charset=iso-8859-1 ht=0 qp=-Wct%3AInternal+Revenue+Manual+%28IRM%29 qs= qc= pw=100%25 ws=0 la=en qm=0 st=1 nh=10 lk=1 rf=0 oq= rq=0 si=0 qt=gift+taxes Go.x=7 Go.y=8

Reply #1

hypersoniq — Mon, 04 Aug 2003 22:24:42 GMT

I believe gift taxes are the responsibility of the recipient... but I could be mistaken (because nobody ever gave me $1million

Gift Tax

rundown99 — Mon, 04 Aug 2003 13:23:16 GMT

What's this deal about the gift tax? I read in a CNN article from a while back that after you win, if you want to give $1 million in cash to someone that you lose some money in gift taxes. If the lottery has taken money from you in taxes before you received the prize, then why should you be taxed again