Comments on: Taxes 101: The Gift Tax http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/ It's all about the refund Tue, 21 May 2013 20:45:12 +0000 hourly 1 http://wordpress.com/ By: Brenda Bandy http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-38553 Thu, 31 Jan 2013 01:14:53 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-38553 Gift Tax

Does the receipient have to pay a gift tax?

Does the receipient have to claim the gift of money as income?

]]> By: Brenda Bandy http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-38551 Thu, 31 Jan 2013 01:11:48 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-38551 Gift tax: Does the receipient have to pay”gift tax”?

Does the receipient have to declair the gift of money as income?

]]> By: Bred http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-32594 Sun, 11 Mar 2012 19:47:32 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-32594 Let me share a real life story which focuses on the reurcnt state of our economy. I have a small law firm of two lawyers. We would like to move our offices into bigger space. We entered into a lease and are planning on moving. Our new Landlord has committed itself to building out the space with new fixtures as well as bringing in new flooring. However, the “standard” items he plans on installing are a notch or two below where my partner and I would like them to be. So, we made a list of “extras” that we would pay for better carpeting more insulation our own signage etc. The cost of the extras came to about $30,000.Here is where the trouble starts. First, we have a 7% sales tax ($2,100). Secondly, we are tapping a line of credit to pay for the extras. Putting aside for a moment the issue of “depreciation” anything we pay to the line of credit is not deductible against our firm income. At the end of the year, assuming we pay off the line a credit, we will have a $30,000 income which will be taxed as a corporate profit and the tax on that will come to about $9,000. So, what we have is a situation where the State and Federal taxes will amount to more than $10,000 and increase the overall investment by 33%.My point is that there are millions of such examples throughout the country and for those such as my partner and myself, who would very much like to buy goods and services, the additional costs (taxes) have a decidedly chilling effect on that stream of commerce. Consequently, we have decided to proceed with some but not all of the originally planned extras those who were going to sell us the goods or provide installation services for those extras will not make the sale or deliver the services and the economy is just that much worse off all as a result of taxes.They say that stories like this constitute a microcosm of the macrocosm and that is how I see it.

]]> By: james http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-9330 Wed, 22 Sep 2010 18:20:00 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-9330 if a husband and wife both give the same person a $13,000 gift as per the exclusion do they have to write seprate checks or use separate accounts?

]]> By: Judy http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-9329 Tue, 10 Aug 2010 23:00:44 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-9329 RE: Gift Tax – Does the receipient have to declare the money as income?

]]> By: eric http://blog.turbotax.intuit.com/2010/03/18/taxes-101-the-gift-tax/#comment-9328 Sun, 04 Apr 2010 19:24:58 +0000 http://blog.turbotax.intuit.com/?p=2705#comment-9328 Where do we put in turbo tax this ” under $13K” contribution to our child? I have looked for hours, looked at the turbo tax FAQ but I can’t find where to put this GIFT in Turbo Tax!

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