how much money can i give my wife or kids per year tax free?
93990
You can give someone $11,000 a year, tax free.\nYou can give someone as much as you want this year, and it has no effect on this year's taxes.  If over $11k, the different is deducted off your estate tax limit.  This only comes into play when you die, and if you are worth a couple million.\n\nYou can give your kid $11k.  Your wife can give your kid $11k.  $22k a year, nothing to the IRS.
633997
there is no tax liability to for u. According to income tax act gift is complete taxfree either in the hand of receiver or in hand of given but gift should not be given for eviasion for the tax otherwise it will deemed to be taxable in the hand of giver. in addition gift tax has been oblished from 1 september 1998 new gift is complete taxfree
621863
I believe the current laws are that you can give someone $11,000 tax free. So if you and your wife both gave it would be $22,000. But, if you put their name on as the co-purchaser while the mortgage is being paid off, you wouldn't run into this issue.\n\nI just did something similar for one of my children.
440762
I pay $7600 a year in taxes for 60x100 lot. That's the world of Long Island, NY. About 75% of that goes to the local school district. Yes I have no children. And I've lived in the same house for 34 years. There's got to be a better way. Folks are screwing me to financial ruining.
21182
send the kids with your spouse.\n\nansw3r3r
91825
ANy money awarded by the Government is tax free.  only in the portion.\nIf the state awarded it, then it is STATE tax free.
526575
you can give money to anyone, tax free, up to the max allowed.  the person receiving the money does not have to be related to you in any way, they could be your best friend or a total stranger.
699379
Form 709 is the U.S. Gift tax form. You have to file if you give someone more than $12,000 in any year, If you are married then you would file if you gave more than $24,000 to any one person in a year. A gift can be cash or property. For example give a $11,000 car and $3,000 of cash and you would have to file
674897
YOU SHOULD BE ABLE TO, IF YOU GIVE IT TO A ORGANIZATION CAPABLE OF GIVING YOU A TAX DEDUCTION. YOU CANT DONATE IT TO YOUR WIFE OR CHILDREN, OR EVEN A HOMELESS GUY ON THE STREET AND EXPECT TO DEDUCT IT. YOU ALSO NEED TO MAKE SURE THAT YOU WILL HAVE ENOUGH DEDUCTIONS TO ITEMIZE. IF NOT, THEN IT WONT BE BENEFICIAL FOR YOU TO DONATE THEM TAX WISE.
189679
The Only way you could do that is if you and your children were physically living with whoever you were going to let claim them on thier taxes for at least 7 months out of 12 for that tax year, plus they have to be able to claim head of household because if you were working and lived with that person for the alotted time but you made more money than them, they can't do it.
759874
That doesn't really change the net income that is taxable, as your withholdings are not your actual TAX. It is the state taxes that make a difference.\n\nSome other ideas - open a traditional IRA (a Roth won't do it).  There's no income limit on a traditional IRA and if you are married you can fund one for your spouse, even if they are not earning income (ie a stay at home mom).  For 2006 and 2007, you can fund up to $4000 a piece (in separate accounts, one for each of you) if you are 49 or younger, and up to $5000 each if you are 50 or older.\n\nThat directly reduces your taxable income.   Hopefully you're maxing your contribution to your employer's 401K, which is another great way to reduce your taxable income, while still retaining that money for your own use.  If you have a FSA or MSA, (Flexible Spending Account or Medical Spending Account) at work, you might also review your withholdings for next year to prevent this problem next year.\n\nYou can also donate appreciated stock or bonds to charity and deduct the full market value (even though you paid less for the stock), while avoiding the capital gains on that stock.\n\nI would play with tax prep software.  It is also possible that the AMT isn't going to make a big difference in your taxes due.   Knowing what that potential cost is, will help you make a better decision as to what you should do about it.
137924
www.taxact.com it's free!
864955
Amount of tax would depend on what other income you have and your filing status.  If you're married filing joint, with no other income other than social security, you wouldn't pay federal tax.  If you're single, would pay some but not a lot. \n\nState taxes would depend on where you live.  \n\nFees would depend on where your 401K is.  Most of the time, wouldn't be any.
227173
It would be wiser to divide the gift in smaller amounts and give them to several members of your family and then they can give the money to you and you don't have to pay any taxes. Or you can divide the gift among several years.\n\nThere is a limit to the amount of gifts you can get tax free each year. Find that number.\n\nI am also a friend of yours and I can also give you a gift each year. If you know what I mean.\n\nFor an amount as small as yours you problably can do it with just 3 relatives or friends.
170150
Is this your primary residence? If so, you may have no capital gains tax payable on up to $250,000 capital gain or up to $500,000 if you are married.
475862
Wife, Tax man, Mortgage, Kids.
453258
try to deffer the payments as much as possible so that if this ends up being you only source of income then you will end up paying less taxes i don't think that it will be tax free. unless it is a roth IRA where you paid taxes upfront to later have tax free money when you get the money.