Sentences with phrase «gift tax implications»

I would advise checking with your tax pro, as there are gift tax implications on the transfer.

Or is there a third - party involved, where making premium payments (or loan repayments) could have gift tax implications?

Further, contributions are subject to federal gift tax laws, and excess contributions could result in gift tax implications.

Not exact matches

There are substantial changes to estate and generation skipping tax («GST») rules with implications for the gift tax.

We encourage donors to seek guidance from their professional advisors on the tax implications of their gifts and grants to Facing History.

Read: Gifts & income tax implications.

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In Canada, you can give gifts to loved ones without tax implications (at least for the recipient).

«Because Canada doesn't have a gift tax, like the U.S., people often get caught in tax traps when they start gifting without knowing the implications,» explains Luk.

Prior to 1981, each spouse could designate their own principal residence («PR») which, in most cases, made the income tax implications of disposing or gifting a family cottage a null and void issue.

If you're using a gift or a loan for a downpayment, you need to be aware of the tax and underwriting implications before you get started.

(Related article: Gifts & Tax implications)

Accounts can be transferred to another beneficiary (see above for gift tax and generation - skipping implications), or can be simply withdrawn and assessed income taxes and a 10 % penalty.

However, if a joint account is opened by non-spouses, such as relatives or even friends, then there may be different tax implications, such as gift tax.

My question is, can I gift my entire Stocks to my brother, without any tax implications.

there would be no tax implications or other burden on the recipient of the loan under UK law, even if it ended up being treated as a gift rather than a loan.

There is no tax implication to your husband as he is a US Citizen and as per gift tax the person giving the gift should be paying the applicable taxes.

There might be some US tax implications depending on the amount of gift.

Read: Gifts & tax implications.

Gifts & Tax implications.

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Perhaps there is an ulterior motive to this gift; I dare ask what the tax implications are for gifts to the nation) but a national museum for contemporary art as a private enterprise?

Her divorce experience is diverse and has included a myriad of issues, including, but not limited to, valuation of closely held business interests, the impact of pre-marital, gifted and inherited property, custody and parenting time, child support, spousal support, equitable division of the marital estate and obligations, pre - and postnuptial agreements, division of retirement benefits, and tax implications.

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.

Regardless of how you use your life insurance to support your favorite non-profit, be sure to ask your tax professional about the income tax implications of your possible life insurance gift.

It should be noted that there may be tax implications for givers of a cash gifts for down payment, and for receivers of them, too.

My question is, can they just gift this land to me and, if so, what are the tax implications if they do that?