Posted on: 04th Aug, 2010 04:12 am
I'm in a process of buying a house. My sister wants to give me 20K towards the house as a gift. Would this gift money be taxed ? I've heard that the 1st 13K doesn't get taxed. Is it true ? & if it is then does it mean that the remaining 7K would be taxed ? How much would be the taxes I'll have to pay on $7.000 ? Thank you very much for your answers.
Yes there is an annual exclusion of $13k. Please visit with your tax professional if you are considering this type of arrangement. Also you can take a look at:
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html for FAQ about gift taxes
for FAQ about gift taxes from the IRS.
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http://www.irs.gov/businesses/small/article/0,,id=108139,00.html for FAQ about gift taxes
for FAQ about gift taxes from the IRS.
_________________
http://www.loansuperstore.com
"Your one-stop-shop for every type of loan!"
Check out loansuperstore.com for loan information, and get a free quote and free pre-approval on all loans!
or Call (800)365-8787 and talk to a professional who can hep you with any questions!