Gift Tax Explained - Do You Pay Taxes On Gifted Money?

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Information Gift Tax Explained - Do You Pay Taxes On Gifted Money?

Title	:	Gift Tax Explained - Do You Pay Taxes On Gifted Money?
Lasting	:	10.08
Date of publication	:
Views	:	19 rb

Receive an insane gift lately? Let me know below!
Comment from : Nguyen CPAs

Hi thanks for sharing this info Do i need to report foreign gifts if it does not go over 16k per person Thanks
Comment from : gloria french

Thank you so much for the info can I ask if I need to pay capital gain tax when I sell a gifted car I got this tax for free from my parents basically I paid 0$ on the car a couple years ago and now Im selling it for 7k do I need to pay tax on 7k profits?
Comment from : Noah Y

So if i had 100 million dollars when i die only 12 million wont be taxed and the other 88 million will be taxed again at the max rate ???
Comment from : MARTPERE

so I'm giving one of my sons 10,000 and my yearly income is 46,000 does that mean that my taxable earned income now is 36,000 what form do I have to use for the IRS?
Comment from : Ýeshua Śavės

That was helpful, thx
Comment from : Virginia Lingham

QUESTION: How much can I receive from different people?--Instead a running a charity, can I receive "gift" money up to the yearly limit per person; but unlimited total amount??
Comment from : Michael Smith

Hello Quick q What if your parents pay directly your credit card entity such as American Express? Would that go toward the “unlimited” tax exclusion?
Comment from : Diego Cuadros

Curious , if one is the recipient of go fund me ( medical bills) do they have to paid taxes?
Comment from : Beerguy Flake

What if the gifted just doesn’t file a 709 form?
Comment from : C-BIZ OFFICIAL

This was a very clear explanation of the gift/estate tax I glad I watched it👍👍
Comment from : awake1948

in giving a gift of a 4 year old car to my daughter, do i have to file papers other than signing over the title?
Comment from : elaine peterson

What do you mean by the comment at the beginning of equity in a house
Comment from : Ashley Little

My friend purchased a home for his child in 2018 but didn't know about the gift tax Can he still file for the gift tax this year 2023?
Comment from : Tina

If I gave my relative a big gift on January 1, 2022 when would I have to file the gift tax? Thanks
Comment from : Tina

Hi Hellobri saw something on the internet? You can give your sibling up to $54 tax free is that true? Thanks
Comment from : Jackson Gil

cool brthanks
Comment from : IM OFFICIAL

Very nice explanation Very helpful Thank you
Comment from : boy boy

Spent 10 minutes to explain one simple concept, what an awful video
Comment from : Joshua Park

Wow oh wow, the IRS sounds god awful
Comment from : the doctor airsoft

I am in Canada I am a newspaper carrier I do not get paid by hour no taxes are taken off my checks I received money in Christmas cards from customers that they leave for me in mail boxes I do not need to report it on income tax its between customers and me can you respond
Comment from : anonymous anonymous

Is the IRS Form 709 difficult to complete? I have one transfer of stocks only and would like to save hundreds to have a firm help assist for me
Comment from : Kurpal

My question is how much people can give you money and it be ok? Like can all my relative gift me 10k and the total is 100k still be ok and wouldn’t be a problem with the bank or irs? Getting ready to buy my first house after graduation
Comment from : JAMES

Great video, does the life time exclusion apply if I gift to siblings or friends?
Comment from : Darkside

This was so helpful for my situation! So hard to find this clearly explained Thank you!!
Comment from : Megan OBrien

Thank you!
Comment from : A Anthony

So if i earn 100k and gift my child 15k i still pay income tax on the 100k or is my income tax now based off 85k?
Comment from : Raymond Joseph

We would like to know where joe biden got his foreign money too
Comment from : A Font

Great video but I wish you would keep up with the questions/comments I would have subscribed if I saw you responding to your viewer’s questions Hope my comments helps your channel in some way
Comment from : Nayeli Guzman

It's 60 thousand not 16
Comment from : Gabby The Cat

How does this work if one's parents are not US citizens and are also not US residents? Would I be paying taxes on gifts they give me?
Comment from : Han Zhang

So if I received a 15k cashier check gift that I deposited do I have to report it?
Comment from : Joshua Fuentes

Thank you! Veryy clearly presented I appreciate your time
Comment from : Charles Henry

Very informative, So if my mom gifted me and my spouse 80K in cash, who will be filing the 709 form? The giver or the recipient?
Comment from : Ray Arellano

Hey boss, I'd like a pay cut to $001/month of taxable income?On an unrelated note, could you gift me $5k/month since we're friends?
Comment from : Uncommon Sense

For Oregon I heard they don’t have a gift tax what does that mean
Comment from : Kyky Penn

Can i have someone sent me in my llc account 500k dollar gift from abroadbrAnd i take 8 percent on my bank ans send the money back to him as giftbrSo ny profit is 8 percent
Comment from : Pajtim2023

Hello, If I give my father 20K as a gift do you know if I can write them off ? thank you and have a great day
Comment from : H Al

So unless someone gives away more than 12 million dollars n their life there’s no tax that be 24 million for a couple They only requirement is filing a 709 form which the irs uses in tracking your total Question: How long has the gift tax been this way, linked to the estate? Was it different a few years ago where any gift over 14k or so was taxed?
Comment from : Andrew X

If someone receives a million dollar gift from parents to down pay the mortgage loan for closing and write a gift letter to the bank brDo parents need to pay the federal tax? Even you write the 709 life time tax form ? It seems like your video explains only deducting the state tax amount Please explain if possible thank you
Comment from : Min Hun Kang

Really clear, tx
Comment from : Sen Chen

Hi Ryan do you have a what’s up #
Comment from : Berry Berg

So, I guess it doesn't matter, tax- wise, whether you give your adult kids 16k per year or make them wait to inherit your estate? And is the estate tax different in each state?
Comment from : Janine Young