Princess
Wanted to get my son's kindergarten teacher something for end of the year - she has been wonderful! I do know she has a Coach purse and thought she could put this towards something new. Thoughts? Other ideas? THANKS!!
Answer
A $50 gift card is fine and a nice gesture of appreciation. I would, however, make it for a different store than Coach. Let's face it teacher's salaries are known to be low and $50 does not go very far in a Coach store. The purse may have been a gift or a bit of a splurge.
If you know some of her other tastes - such as does she like Starbucks? Or perhaps a $50 card if you happen to know what salon she goes to, or perhaps a restaurant or a local mall.
A $50 gift card is fine and a nice gesture of appreciation. I would, however, make it for a different store than Coach. Let's face it teacher's salaries are known to be low and $50 does not go very far in a Coach store. The purse may have been a gift or a bit of a splurge.
If you know some of her other tastes - such as does she like Starbucks? Or perhaps a $50 card if you happen to know what salon she goes to, or perhaps a restaurant or a local mall.
Foreign father gifts US resident daughter $50,000.?
Gavin
A foreign father, who is not a US resident or citizen gifts daughter, who is US resident and her husband, who is American citizen, US$50,000. The father will transfer the money from another country to the daughter and husband's bank account in US. Does the daughter and the husband report this in their income tax and pay taxes on it?
Answer
If the gift is given after 1 January 2013, the exclusion amount is $14,000 for gifts from a parent to the parent's child. The rest is taxable, and the gift tax must be paid by the donor.
A parent's payment of tuition & school expenses for his/her child is not subject to gift taxes, but apparently the money is going directly to you.
Gift taxes are higher than income taxes, but gifts are not your taxable income and are not reported as income on your income tax return.
If the gift is given after 1 January 2013, the exclusion amount is $14,000 for gifts from a parent to the parent's child. The rest is taxable, and the gift tax must be paid by the donor.
A parent's payment of tuition & school expenses for his/her child is not subject to gift taxes, but apparently the money is going directly to you.
Gift taxes are higher than income taxes, but gifts are not your taxable income and are not reported as income on your income tax return.
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