Recent content by jenisha3

Great , and many thanks again.! Taxing matters, for your informative reply. Great, and thank you Doucar!

Great , and many thanks again.! Can a major receive gift (below $15K) as check or cash (such as western union) from someone in another country then can the major use that gift in the same way as it is given from someone within the USA? Yes, for the donee the rules are the same regardless of...

Great, many thanks again.!

Great, many thanks again. Please clarify: If someone other than parents/legal guardian gifted cash to a minor then the parents/legal guardian can manage that gift (by putting in bank account on the minor's name, or by keeping it as cash), for the minor, until he/she becomes a major, and then...

Great, thanks again, very informative. If I understood correctly, if someone give a gift to a minor as cash only (not check) (currently below $15K) then can the minor's parents keep that cash as it is (in a safe deposit box) and give that cash to the minor once the minor becomes major then it...

Any idea on gifts to minor children (age under 18 years)? Same rules as for majors (above 18 years) are applied to minors, in terms of receiiving the gifts? For a minor or a major, can the gift be in any form: cash, check, paying grocery bills, etc, all together not more than 15K for a single...

Great, thanks again.

Your information is very useful, thank you all. About "The one exception to this is that if the person who makes a gift that is subject to actual federal gift tax fails to pay that tax to the IRS the law allows the IRS to collect that gift tax from the person who got it. " Is it true that this...

What is the name of your state? Florida I paid $18K credit card bill of my friend, who is having terminal disease, by directly payable to the credit card company. Will this be treated as gift to my friend? Whether I or my friend should pay any tax on this $18K as I heard that gifts above $15K...