Sentences with phrase «gift for income tax purposes»

Property you receive from your spouse (or former spouse, if the transfer is incident to your divorce) is treated as acquired by gift for income tax purposes.

Not exact matches

The income taxes decrease the grantor's estate, and, because the taxes are on income treated as the grantor's for income tax purposes, they are not treated as gifts for Federal gift tax purposes.

However, a gift of assets to a non-spousal trust that names other persons as beneficiaries usually results in a disposition of those assets at fair market value for income tax purposes.

Considerations for giving include the purpose of the gift, funding source, impact to income, estate tax planning and impact on family members from your contribution.

Contributions or gifts to the Climate Reality Action Fund, a 501 (c)(4) organization, are not deductible as charitable contributions for United States Federal income tax purposes.

If the donor shows a «detached and disinterested generosity,» the item given will be considered a gift for purposes of excluding its value from the recipient's income tax.

For constitutional purposes, payroll taxes, gift taxes, and estate taxes are considered forms of income taxes.

It applies to non-charitable funds established under a will or instrument of trust solely for: the purpose of providing money, property or benefits to income tax exempt deductible gift recipients (DGRs), or the establishment of DGRs.

Business owners may want a concrete answer on whether crowdfunding monies are income or gifts for tax purposes, but here's the problem: There is no concrete legal answer yet.