gift for her 40 image
mymattie20
my parents anniversary is coming up and I need a gift under $40. It can be anywhere from handmade to rite off the shelf. JUST PLEASE HELP!!! its there 26th so it needs to be good!! thanks!!
Answer
Do a search and see what the proper present would be for their particular year. One year I put together a "red basket" for my parents 40th...rubies was the proper present...so it was filled with "anything red"....cherries, licorice, Coke (red can) etc. They loved it! Just a thought...something different.
Do a search and see what the proper present would be for their particular year. One year I put together a "red basket" for my parents 40th...rubies was the proper present...so it was filled with "anything red"....cherries, licorice, Coke (red can) etc. They loved it! Just a thought...something different.
Should i include the cash received as gift in my income?
tax studen
If a taxpayer gets a gift of $40,000 form his/her parents, what amount should be included as income for income tax purpose? how would the answer differ if the amount is $20,000?
Answer
Gifts are never taxable to the recipient. Thus, none of the gift is reported for income tax purposes.
The parents, however, are required to file a federal gift tax return since they gifted an individual more than the $14,000 annual limit. Although the parents are required to file a gift tax return, no gift tax will be due unless/until they reach their lifetime maximum, currently set at $5.25 million.
Gifts are never taxable to the recipient. Thus, none of the gift is reported for income tax purposes.
The parents, however, are required to file a federal gift tax return since they gifted an individual more than the $14,000 annual limit. Although the parents are required to file a gift tax return, no gift tax will be due unless/until they reach their lifetime maximum, currently set at $5.25 million.
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