I just read the recent 'Gift of Money from My Family' .......*Gift receiver does not need to claim it as income. Understood.
I helped family with some bills this year. I paid the bills directly to the family member's bank and the IRS(this year) owed by family member. The total I gave was $11,700. How and where do I claim this on my federal taxes? Would I get credit for this..... or they just need to know how much the gift was?
Hoping I get some GLORY for helping!
Sun Apr 07, 2013 12:09 am
oldguy Senior Member
Cash: $ 717.80
Joined: 21 May 2006
lol - no glory the giver pays the gift tax. But there is a $13,000/yr exclusion - so you don't have to do anything.
Sun Apr 07, 2013 12:26 am
raemart Full Member
Cash: $ 18.90
Joined: 03 Jun 2012
What?? No glory for this? Well, lets hope I don't ever do that again!!
(((((she said as she stomps off........!!!))))))-:
(this was 2012 not this year) Thanks!
Sun Apr 07, 2013 1:10 am
Nagelon New Member
Cash: $ 1.00
Joined: 09 Dec 2013
In professional term there is no word of glory. It is prevail in gift. All the taxes will remain same but slightly change in gift category but need to pay the taxes. There is no exemptions.