As far as having to pay taxes, does the IRS look at a gift of $12,000 from parents diffferent than a stranger?
535185
They shouldn't. But, to avoid any attention from IRS, Have them give you two $6,000 checks. The reason is that the banks are required to report any transactions of $10,000 and over. Also do not deposit the two checks on the same day. Banks have people who look for any suspicious activities. Although they do that to look for illegal transactions, you don't want to be on their watch list.
867790
According to the IRS.....\nhttp://www.irs.gov/newsroom/article/0,,id=108331,00.html
192430
Yes they do, but you can deduct foriegn tax off of the net owed up to $300.  So if you would normally owe $250 and paid $300 in foriegn tax, then you wouldn't owe the IRS anything.  If they see large amount of money floating around in your accounts without the proper paperwork, they get suspicious.
179194
Yes, you can only give a certain amount of money per year, according to the IRS, for that gift to be tax free.  A couple of years ago, that amount was $10,000.  I'm pretty sure it has gone up, but not much.  You would probably serve yourself (and your son) well to talk to a CPA or a tax attorney.  There may be other ways you can shelter your gift from taxes - for example, by setting up a trust for your son's health, maintenance, and education.
136831
Believe me IRS will let you know if somone is claiming your son other than you.  If they are not entitled to, they will have to pay back the money.  I now this from experience, my husband's ex tried to claim our kids on hers and we have custody.
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.
71152
"You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions)".\n\nhttp://www.irs.gov/pub/irs-pdf/p950.pdf\n\nOn the other hand, you don't have to pay gift tax, because the gift tax exclusion is now $11,000 (or $22,000 for a married couple).\n\n"If you gave any one person gifts in 2005 that valued at more than $11,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. "\n\nhttp://www.irs.gov/newsroom/article/0,,id=107815,00.html\n\n\np.s. Will you adopt me?  :-D
1108412
Paying parents do have tax incentives.  They can claim that child on their taxes.
384996
you can call the IRS, they will tell you
871752
Rubadpi is absolutely right. My husband does not pay taxes. I told IRS and they don't care. I told the police, and they don't care. He hides 50, 60, $70,000 CASH in the house, his car, his office. \n\nBelieve me, keep it all in cash and no one will ever even ASK you to pay tax.
834608
The IRS does not tax the recipient of inheritance...ever.  There is a federal tax on the estate (the net value of all assets left behind by the deceased), but the amount taxed is reduced by:\n\n1) donations made to charity if stipulated in the will\n\n2) the first $2,000,000 (for 2006, this changes year-to-year)\n\n3) all amounts left to the spouse.\n\nSo if you are not married when your other dies, and if the amount of the estate is less than $2,000,000, and if your other never filed a form 709 "Gift Tax Return", there should be no estate taxes.
723642
You will be liable for taxes and licences.\n\nAny gift given to you over $100 is a taxable item and you wll have to pay taxes on it.
845179
Firstly, get a receipt from Toys for tots when you drop of the goods (I'm assuming this is an in-kind donation) but also draw up a list for yourself detailing what you donated and the general condition of each item.  the description "One box of toys - $750" is no longer going to cut it with the IRS.
11085
You have to include the household income of the parent you're living on right now. You can also check which one of them have you as a direct dependant on their tax return. Not both of them can have you there and the government will also use that information as a decision point.
1051355
Gift tax is always paid by the donor (giver). You usually don't pay any gift tax until you have given away $1,000,000. If you give one person more than $12,000 you must file a gift tax return but no tax is due unless you have surpassed the million dollar limit.  You could give 50 people $11,999 and not have to file a gift tax return.  Talk to your tax professional if you plan on giving more than $12,000 to one individual.  If you are receiving the money nothing you need to do.
790754
Depends what the item is.  In many states they have Personal Property Taxes.  They also have luxury taxes.  All of these might be additional taxes you will incur.
251653
What is the question?\n\nYou should speak to an accountant so that you won't get penalized by the IRS.