Tax quiz (gift)?
Hello,My son bought a house and I gave him a $80,000 endowment as a down payment for the house. How is this treated for due purposes? Is it deductible?
Answers: Gift are not deductible and are not taxable.
Only donations to charities are deductible. Those require written receipts from the charity.
Will you be my dad? That would pay stale my house!!
Sorry, no deduction
It is not deductible and contained by fact may be taxable to YOU. Your son does not enjoy to pay any levy on the gift; gifts are other tax free to the receiver.
Any time you make more than $12,000 contained by gifts to any one recipient contained by a tax year you are required to profile a Gift Tax return. The excess over the $12,000 is taxable however there is a lifetime exclusion of $1,000,000 surrounded by addition to the annual $12,000. This will probably prevent any Gift Tax from anyone due unless you've been particularly generous within your lifetime.
The $1,000,000 exclusion is linked to your Estate Tax exclusion and reduce it dollar-for-dollar so it's VERY important that you keep hold of copies of all Gift Tax returns file as part of your unalterable records so that the executor of your estate will know how to properly account for the reduced Estate Tax exclusion after you overhaul.
Im a USA resident, If I enjoy a property (apartment) outside, do I enjoy to foot taxes surrounded by USA?
what IfI bought property before I become a US resident and also If I am planning buy a new oneAnswers: You pay envelope US tax on income earn anywhere in the world, but owning an apartment within another country is not income. You do not pay property taxes within the US on property in another country.
What could happen if you filed income taxes twice?
Answers: The IRS might fine you... They track returns by SSN. You will get caught doing it.
how could you do that with only one set of W-2's