|
|
| *Loan,banking and credit>>>child tax |
Parents give non-dependent children money for education. Taxes to be paid? |
If you are married and have been filing as independent for a few years, how do you record a gift of money from parents that paid off outstanding education loans? Are there taxes that need to be paid? There is no such filing status as "independent." Since you are married, your filing status is either Married Filing Jointly or Married Filing Separately. If your parents simply gifted you money to pay off your loans, with that is not taxable income to you and you owe no tax on the monies. Depending upon the amounts and timing of the gifts, your parents MAY have a taxable event for Gift Tax purposes. You don't owe taxes, or have to report, gifts to you. Each of your parents can give you $12,000 per year without having to report it. If they give you more than that in a year, they'd have to file a gift tax report, and possibly pay a gift tax but probably wouldn't. |
| Tags |
| tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax inheritance tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |