tag:blogger.com,1999:blog-1223766131942807978.post8725579625400943018..comments2023-05-18T02:24:35.209-07:00Comments on Your U.S. Tax Return: The U.S. Gift TaxMyTaxes Teamhttp://www.blogger.com/profile/08467071702969695664noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-1223766131942807978.post-44704912967648976902011-12-22T03:20:01.181-08:002011-12-22T03:20:01.181-08:00You must file gift tax return as gift amount to an...You must file gift tax return as gift amount to an individual is more than $13,000. You will still not pay any gift tax as there is a life time exclusion limit of 1 million.MyTaxes Teamhttps://www.blogger.com/profile/08467071702969695664noreply@blogger.comtag:blogger.com,1999:blog-1223766131942807978.post-26764858885238952602011-02-01T18:36:55.367-08:002011-02-01T18:36:55.367-08:00I have a $300,000 IRA that will expire at the end ...I have a $300,000 IRA that will expire at the end of February 2011 I want to cash it out and give my 3 children $100,000 each. Exactly how much gift tax will I have to pay?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1223766131942807978.post-18004265978338419252009-12-07T21:56:28.690-08:002009-12-07T21:56:28.690-08:00If the donor is a U.S. person (citizen or resident...If the donor is a U.S. person (citizen or resident), the donor must file gift tax return. If the donor is a foreign alien, then no gift tax return is required.MyTaxes Teamhttps://www.blogger.com/profile/08467071702969695664noreply@blogger.comtag:blogger.com,1999:blog-1223766131942807978.post-34717015403703673882009-10-06T19:36:24.804-07:002009-10-06T19:36:24.804-07:00What if my donor is a non-US citizen but has a ban...What if my donor is a non-US citizen but has a bank account in the US and gives me more than $13,000 gift for downpayment of a house, will the donor have to file a tax return for this?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1223766131942807978.post-55007606868370138462009-08-11T00:28:18.988-07:002009-08-11T00:28:18.988-07:00Yes, you can give a gift of $100,000 to your spous...Yes, you can give a gift of $100,000 to your spouse without any gift tax implication. If your spouse is a U.S. citizen, there is no limit to the amount of gift you can give. If your spouse in non U.S. citizen, then the limit in 2009 is $133,000.MyTaxes Teamhttps://www.blogger.com/profile/08467071702969695664noreply@blogger.comtag:blogger.com,1999:blog-1223766131942807978.post-62860070518476204672009-08-11T00:13:32.747-07:002009-08-11T00:13:32.747-07:00I am a U.S. citizen. I want to give a gift of $100...I am a U.S. citizen. I want to give a gift of $100,000 to my spouse. Do I file gift tax return?Anonymousnoreply@blogger.com