school is going to let out in a few days and i still haven't given my friends their gifts!!
theyve already given me theirs, but i need to go shopping for their gifts still. i can't go shopping this week, but i can on the weekend. but school lets out this wednesday.
should i do something creative, like drop their presents off on Christmas morning, and say merry x-mas???
im going to buy the presents beforehand.
they are going nowhere for xmasMore
My aunt (who meets the IRS definition of being a non-resident alien) intends to give $50k towards my son's college education. My aunt lives in Switzerland. To ensure that the gift is given and received outside of the US (so as to make it non-taxable) I plan to open an account at a foreign bank into which I will receive the gift, and then wire to funds to the university. Gifts from non-resident aliens over $10k normally requires that the recipient file of IRS form 3250.
My Question: since this gift is being used for tuition, is it exempt from filing form 3250? IRC 6039F(b) (Notice of Large Gifts Received from Foreign Persons) has exepmtion language for tuition and medical expenses, but I find the language a bit vague.
Does someone know if, in the circumstances described above I am exempt from filing Form 3250? And thus, I can receive the gift tax free, spend it on tuition and file nothing with the IRS?
ThanksMore
Asked by: Marco
I'm suspicious of the qualifications of the above "tax consultant" poster. I found the answer in the Form 3250 instructions on the IRS website, linked below, and it does NOT agree with what he states. I certainly won't be paying HIM for any advice any time soon!
You don't need to file the 3250 for a couple of reasons. One being the nature of the gift for tuition. The other is that the gift is coming from a foreign person where the reporting limit -- at least as I'm reading it -- is $100,000, not $12,760 (2006 rate, it's adjusted for the cost of living.)
Even if the gift had to be reported, it still would not be taxed. The 3250 filing simply advises the IRS of the transfer so that they can evaluate the taxable status of the transfer. A bona-fide gift is never taxable to the recipient.
Technically the donor would need to file a US Gift Tax return and pay any tax due, however as the donor is not subject to US taxation they cannot be compelled to so do. There might be a tax treaty that addresses that issue but that's a problem for the donor to contend with.
The US recipient of the gift is not taxed. Gift recipients are never taxed. It doesn't matter what the money is used for.
There is no need to set up a foreign account for this gift to pass through. In fact, doing so will significantly complicate matters as you will now have to file additional informational returns since you have authority over a foreign depository account. More
My pledge class for my soroity is doing a battle of the bands conteest for our pledge class project. We dont have alot of money to work with and we would like to award prizes. Does any one have suggestions of cheap yet nice gifts?More
Asked by: shan
choose a good gift from the following website.
really its a worthable website More
I started volunteering for Child Protective Services and saw that most people donate gifts for little kids but not for the teens. What are some good gifts for girls and boys ages 14 - 18. Also, the burn center has children without fingers and some without arms. What kind of Christmas gifts are good for kids like that??? I am really at a loss. Thank you...More
Asked by: mysticmoonprincess01
Wow I look up to you for doing what you do. Here are some affordable suggestions for teens and children with disabilities:
1. I am a child advocate supporter and I know most places have video game consoles so a new game could be something they all play: http://shopping.yahoo.com/b:Video%20Games:784712945
2. Set of silver bracelets for the girls $13: Metro7 - Set of 3 Silver Bead Bracelets and inexpensive watches for the boys: http://shopping.yahoo.com/s:Casual%20Watches:4157-Gender=Men%27s:browsename=Men%27s%20Casual%20Watches:refspaceid=96181140
3. For the burn victims: Fisher-Price Tumble Time Tigger, he does all the work! http://shopping.yahoo.com/b:Toys%20for%20Crawlers%20%26%20Walkers:784715842
4. They can play bowling by kicking the ball! Baby Farm Friends Bowling http://shopping.yahoo.com/b:All%20Gifts%20for%20Kids%20%26%20Babies:784713451
You can find these gifts and more unique Holiday gifts at Yahoo! Shopping’s Holiday Gift Center: http://shopping.yahoo.com/b:Holiday%20Gifts%20%26%20Gift%20Ideas:784712816
Hope this helps! More
People always like to receive free gifts even if they're donating funds. What are some good gifts ideas to give whereas people will be excited to get?
Ok, the event is for kids. The kids won't be present. People wake up...More
Asked by: zpoetress
Truly depends on the age. Four and under, those toys that help teach abc or animals. To be honest, there are so many learning toys/books for children that any child would love. More
