mona
and I pass this money on to another person on the same day it goes into my account how many times does it incur taxes and who pays the taxes
This is in Australia
Answer
K11etc is wrong. The gift tax is not paid by the person who RECEIVES the gift, it is paid by the person who GIVES the gift. So a series of gifts could stay $150,000.
You are entitled to gift any number of people up to $13,000 in one year without REPORTING IT. No tax is due until you have given away a lifetime total of $1 million. Period. If you give away more than $13,000 to one person in one year, you are supposed to file IRS Form 709 to report it. There is no tax due until your total lifetime gifts exceed $1M.
So if no one in the chain has already given away more than $850,000, there will be no gift tax due from ANYONE.
This is in America. Australia does not impose gift tax or inheritance tax.
http://comparativetaxation.treasury.gov.au/content/report/html/11_Chapter_9-07.asp
K11etc is wrong. The gift tax is not paid by the person who RECEIVES the gift, it is paid by the person who GIVES the gift. So a series of gifts could stay $150,000.
You are entitled to gift any number of people up to $13,000 in one year without REPORTING IT. No tax is due until you have given away a lifetime total of $1 million. Period. If you give away more than $13,000 to one person in one year, you are supposed to file IRS Form 709 to report it. There is no tax due until your total lifetime gifts exceed $1M.
So if no one in the chain has already given away more than $850,000, there will be no gift tax due from ANYONE.
This is in America. Australia does not impose gift tax or inheritance tax.
http://comparativetaxation.treasury.gov.au/content/report/html/11_Chapter_9-07.asp
Ideas for a 13 year old girl's Christmas gift?
Eliza
What would be a good gift to get her? No higher than $150. Thanks.
Answer
Christmas Gifts Ideas For Your Teenage Girl
String Lights - Teenage girls like glistening lights, stringing them around the mirror or her vanity is always a good choice. Choosing a string of soft white lights works best. It softly brightens up a room. Teens will sit in the dark and agonize while doing homework, ask them if they want a light on and, "no I can see" is the answer you are more than likely going to get. However they will turn that pretty string of lights on too illuminate the room enough to see.
Compact Digital Cameras - Teenage girls love taking pictures. With a small compact digital camera they can carry it everywhere with them and click to their heart's content. If you choose this option, do not forget to buy a memory card to go along with the camera. A 8MB is an excellent choice. Your teen will be able to store up to a thousand photo's depending on the megapixal of the camera.
Posters - Find out who or what your teen is into and buy posters. What teenage girl doesn't like to fill her bedroom space with posters? Remember this, teenage girls change their preferences like lightning. What was in last week, is on the way out this week. My niece had her wall plastered with Johnny Depp's Alice In Wonderland, and now she is digging Matthew Gray Gubler from Criminal Minds. So beware! Tastes change quickly.
Jewelry - You cannot go wrong when you are buying jewelry. Every teenage girl loves a pair of sparkling earrings, bracelets and rings. And if you have a teenager that has other piercings like a belly, eyebrows, lips or a tongue, then you have a huge selection to pick from. When you go into the jewelry store, I am sure you will have no problem finding a salesperson to help you pick out the proper piece of jewelry for her piercing. Silly Bandz are another hot item, they are getting very popular, they have exciting themes teenagers really enjoy.
Pre-Paid Credit Cards - These are so much better than a gift card. Because with a pre paid-credit card your teenage girl can go anywhere she wants to spend it. With a gift card you have to spend it at all in one place. This way she can buy whatever it is she has been wanting to buy, at different stores if she so chooses. These are readily available at many stores. You should have no problem finding them.
Christmas Gift Baskets - These are perfect little baskets full of treasures sure to make your teenage girl happy. You can include positively anything and everything. What does your teenager like? Perfumes, jewelry, decorative socks, undies, bath items, shampoo, toothbrushes, make-up, money, school stuff, picture frames, magazines, treats and other favorite items you think your teenage girl will like. A gift basket is perfect because it is made with love.
Magazine subscriptions - Teenage girls like to read about the latest fashions, and buzz going on in the world around them. Imagine how excited your teen will be receiving a magazine or two in the mail every month.
Christmas Gifts Ideas For Your Teenage Girl
String Lights - Teenage girls like glistening lights, stringing them around the mirror or her vanity is always a good choice. Choosing a string of soft white lights works best. It softly brightens up a room. Teens will sit in the dark and agonize while doing homework, ask them if they want a light on and, "no I can see" is the answer you are more than likely going to get. However they will turn that pretty string of lights on too illuminate the room enough to see.
Compact Digital Cameras - Teenage girls love taking pictures. With a small compact digital camera they can carry it everywhere with them and click to their heart's content. If you choose this option, do not forget to buy a memory card to go along with the camera. A 8MB is an excellent choice. Your teen will be able to store up to a thousand photo's depending on the megapixal of the camera.
Posters - Find out who or what your teen is into and buy posters. What teenage girl doesn't like to fill her bedroom space with posters? Remember this, teenage girls change their preferences like lightning. What was in last week, is on the way out this week. My niece had her wall plastered with Johnny Depp's Alice In Wonderland, and now she is digging Matthew Gray Gubler from Criminal Minds. So beware! Tastes change quickly.
Jewelry - You cannot go wrong when you are buying jewelry. Every teenage girl loves a pair of sparkling earrings, bracelets and rings. And if you have a teenager that has other piercings like a belly, eyebrows, lips or a tongue, then you have a huge selection to pick from. When you go into the jewelry store, I am sure you will have no problem finding a salesperson to help you pick out the proper piece of jewelry for her piercing. Silly Bandz are another hot item, they are getting very popular, they have exciting themes teenagers really enjoy.
Pre-Paid Credit Cards - These are so much better than a gift card. Because with a pre paid-credit card your teenage girl can go anywhere she wants to spend it. With a gift card you have to spend it at all in one place. This way she can buy whatever it is she has been wanting to buy, at different stores if she so chooses. These are readily available at many stores. You should have no problem finding them.
Christmas Gift Baskets - These are perfect little baskets full of treasures sure to make your teenage girl happy. You can include positively anything and everything. What does your teenager like? Perfumes, jewelry, decorative socks, undies, bath items, shampoo, toothbrushes, make-up, money, school stuff, picture frames, magazines, treats and other favorite items you think your teenage girl will like. A gift basket is perfect because it is made with love.
Magazine subscriptions - Teenage girls like to read about the latest fashions, and buzz going on in the world around them. Imagine how excited your teen will be receiving a magazine or two in the mail every month.
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