If I have won a large jackpot and I want to give cash gifts to family do they have to pay taxes on the money?
451827
If you make a small gift, then they don't pay tax on it. (Up to nine or ten thousand...)
1058339
What the lender wants to hear is that the money you received is simply that, a "gift" not a "loan".  I would have the person/s who gave you the gift write a letter stating the the money is a gift given freely and that no repayment is required.  \n\nDear So and So, \n\nThe funds in the amount of $xxxx to (you) is a gift only and no repayment is expected or required.  We do not and will not retain any interest in any propertyor items purchased with the gift funds.\n\nThank you\n\nGift Giver  :)
523260
If you are the receiver of the inheritance, the tax has already been paid by the estate.  The money you received is tax-free.  My condolences on your lose.
1086730
Per the IRS the receiver of the gift pays no tax upfront.  if it is something that would produce capital gains/ losses, you would have to pay those taxes if/ when you liquidate.\nUpto a $100,000 you do not even have to report the gift.  Over a $100,000 you merely mention it to the IRS.
414839
For 2006, one person can give another person $12000 without gift tax. That means your parents can give you $24000 without any gift tax. You don't have to pay income tax on the gift.\n\n\nZhicheng Lai\n\nEnrolled Agent
653346
They asked YOU to pay THEM, if it wasn't a scam they could just subtract the money from the amount you "won". Have you ever had to pay anything when you won the lottery?
903762
No, it is not legal. It is against the law to not pay taxes on inheritance money. That is why it is better ,if you know that you are dying , and don't want your family stuck with the taxes to give it to them ahead of time.
64248
Based on the information you've provided it's unclear.  It depends whether the money you've received from you family is income.
132105
No, you won't be taxed on this money. It is not your gain because you transfer the same amount of money out from this card.
270048
Yes if you sold the house and made a profit it is taxable. however if you inherited the house from him, i.e. he left it to you, then you don't pay taxes on it if:\n\n1)you get it appraised and get a Fair Market Value of the house.\n\n2)you then sell the house at the Fair Market Value. \n\nInherited properties are only taxed as captial gains if you sell them at above the Fair Market Value. Plus, the appraisal fees to get the property appraised can be deducted on your taxes(as long as you itemize).
535615
The legal answer to your question is YES.  You are required to pay taxes for anything you sell for a PROFIT on ebay.  Many people, myself included, have sold items on ebay for a profit.  You are required to report this as income.\n\nIf you purchased an item for $20 and sell it for $10 on ebay, then no taxes are due.  In fact, you could probably count this as a loss against anything you sold for a gain.\n\nBest of luck, email me with any questions,\n\nJared
236536
The gross amount of the taxpayers gambling winnings is taxable for the federal return. You can also deduct you losses from your winnings but you can not deduct more than you won
125910
As long as the amount is below $11,000 you can write it off as a Gift.  View the link that I have provided to the IRS.  \n\nIf you don't like this answer and no one gives an answer you are happy with, call 1-800-tax-1040 to talk to them at the IRS directly. They are usually very friendly, and the hold time is not to long.
495
Well as a rule of thumb the up-front cash payout is typically around 30 to 33% of the total winnings due to interest and taxes.  [use 1/3 as a quickie rule].  Each state will be different.\n\nFigure if 10 people are sharing 10 million in cash, each person should get somewhere around a million, give or take a couple hundred thousand.  Oh and dont forget a little money paid to a lawyer for the innevitable problem when non-family members have to fight about splitting up money.
621888
Despite what the last four experts said, no, they don't take out taxes unless the estate is valued at over about \n$700,000. It used to be $675,000, but they raised it in the last year or two, so I don't know exactly.\n\nThe reason that it is not taxed is b/c your relative paid taxes on the money already, when it was earned. There may be Capital Gains Tax on real estate that is sold. That is the amount it sells for over the original purchase price.\n\nThe 'Death Tax' only applies to millionaires. Most people are not affected by this tax.
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
960537
There are no US gift or income taxes on gifts from foreign individuals.  Send it anyway you want to.