Do you have to pay income tax on gifts?

Answer A monetary gift is the transfer of money to an individual who gives nothing in return. As of January 1, 2009, the donor is responsible for paying the gift tax if the total amount of money given per... Read More »

Top Q&A For: Do you have to pay income tax on gifts

Is there an income tax on monetary gifts?

The maximum amount an individual can receive in monetary gifts without reporting it to the IRS for taxes is $13,000. indicates that if an individual has received over $1 million of mon... Read More »

Can gifts to a daughter be written off on income tax?

Gifts that qualify to be a tax write-off need to be out-of-pocket charitable contributions. If the gift to your daughter was for a school fundraiser and was over $250, simply keep the receipts and ... Read More »

Stratification of High Income, Middle Income and Low Income Nations?

The World Bank uses a system of classification of all countries' economies by income for analytical purposes. The main classification criteria is gross national income (GNI) per capita, with every ... Read More »

What type of tax is one that takes a smaller percent age of income from high-income people than from low-income people?

Probably a regressive tax, but also unfair, immoral, and probably Republican written.