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DIY Gift Idea

Hey Everybody! This video is a hardly ever different. One of my new years resolutions is to get crafty. It's fun and helps me to relax. I think one ...

gifts!!!!!!???????

Dec 19, 2007 by x3 | Posted in Christmas

boarding-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 neediness 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 depart their presents off on Christmas morning, and say merry x-mas???
im going to buy the presents beforehand.
they are going nowhere for xmas

that is a proper idea

What are the reporting requirements on non-resident alien gifts?

Aug 18, 2007 by Marco | Posted in United States

My aunt (who meets the IRS clarity of being a non-resident alien) intends to give $50k towards my son's college education. My aunt lives in Switzerland. To guard 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 extrinsic 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 legatee 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) (Identify of Large Gifts Received from Foreign Persons) has exepmtion language for tuition and medical expenses, but I find the phraseology a bit vague.

Does someone know if, in the circumstances described above I am exempt from filing Form 3250? And thus, I can get the gift tax free, spend it on tuition and file nothing with the IRS?

Thanks

I'm apprehensive 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 come with what he states. I certainly won't be paying HIM for any advice any time soon!

You don't need to dossier 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 human being where the reporting limit -- at least as I'm reading it -- is $100,000, not $12,760 (2006 rate, it's adjusted for the expenditure 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 appraise the taxable status of the transfer. A bona-fide gift is never taxable to the recipient.

Technically the backer 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 outlet 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 event 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 mess up matters as you will now have to file additional informational returns since you have authority over a foreign depository account.

Is it customary to exchange gifts on a one year dating anniversary?

Mar 12, 2009 by KimberChristian | Posted in Singles & Dating

I got him a unite of gifts but I have a feeling he's not getting me anything. I'm just curious if most people exchange gifts on dating anniversaries? We've discussed doing something fun that day so I separate he hasn't forgotten about it. No, I am not a gold digger...I'm just wondering if it was stupid for me to get him gifts?