| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 999.1 | No problem as long as it doesn't get too large | SSDEVO::RMCLEAN | | Fri Apr 19 1996 17:18 | 4 |
| there should be none as long as the check you give her is less than $10K.
It probably would have been better to set the account up in her name and
then each of the gifts would have been to her and no tax as long as an
individual gift was not more than $10k.
|
| 999.2 | | 2155::michaud | Jeff Michaud - ObjectBroker | Fri Apr 19 1996 17:28 | 14 |
| One thing you should watch out for is interest/dividends earned
while that money sits in an account under you SSN (of course
for the amount of time the account will be open the tax liability
on the interest should be tiny tiny).
Xref:
21 EPIK::FINNERTY 24-JAN-1992 5 20'th Century Giftrust
206 LANDO::OBRIEN 19-MAY-1992 5 Gifts to Minors
678 GRILLA::LALIBERTE 9-FEB-1994 6 TRANSFERRING ASSETS/GIFTS/TAXES, etc.
809 HELIX::SPIELMAN 13-DEC-1994 3 Gift Tax - giving near year end
814 POWDML::DLANE 3-JAN-1995 7 Tax ? on Gift Stocks
857 NODEX::CLBMUD::mcgre 2-MAY-1995 2 Gift to parents and tax write off
978 AIAG::MOORE 15-FEB-1996 2 Investment Question - Uniform Gift/Transfers to Minors...
|
| 999.3 | threshhold for 1099... | NOTAPC::LEVY | | Mon Apr 22 1996 15:43 | 8 |
| re: .2
> One thing you should watch out for is interest/dividends earned
> while that money sits in an account under you SSN (of course
> for the amount of time the account will be open the tax liability
> on the interest should be tiny tiny).
If it's less than $10, no 1099-INT will be reported (per IRS rules).
|
| 999.4 | 1099 | 2155::michaud | Jeff Michaud - ObjectBroker | Mon Apr 22 1996 16:12 | 12 |
| > If it's less than $10, no 1099-INT will be reported (per IRS rules).
However if you have other accounts at the same instituion also under
the same taxpayer id (ie. SSN), you'll only get a single 1099
for the total interest from *all* your accounts (so unless your
total interest is less less than $10 ...).
Also out of curiosity, just because one doesn't receive a 1099,
is the interest non-taxable? My guess is that as long as your
total interest income exceeds the limit that requires you to
file schedule B, that you would still be required to enter the
that interest on the schedule ... (?)
|
| 999.5 | | MANANA::uncagd.zko.dec.com::CLARK | Lee Clark,DTN 381-0422,TeamLinks | Tue Apr 23 1996 11:47 | 20 |
| > Also out of curiosity, just because one doesn't receive a 1099,
> is the interest non-taxable? My guess is that as long as your
> total interest income exceeds the limit that requires you to
> file schedule B, that you would still be required to enter the
> that interest on the schedule ... (?)
You must be new around these parts :^) Let's see, the IRS determines that
somehow they messed up and they owe you some money from 2 years ago. They
send you a check for that money, plus some absurd amount of interest (@
18%?). Then they want you to pay tax on that interest, and so, probably,
does the state you live in (MA will even tax the interest at 12% rather than
6% because it's not from a MA bank ;^).
I think the $10 limit applies only to the paperwork required of your bank:
less than $10, they don't have to go to the trouble of summarizing your
yearly interest and reporting that number to you. I'd imagine they still
report it to the IRS (a guess).
I can't imagine the IRS (or your state) *ever* saying that actual income (as
opposed to money transferred from one entity to another) is non-taxable.
|
| 999.6 | interest still taxable, but not some rental income | NOTAPC::LEVY | | Tue Apr 23 1996 13:45 | 27 |
| re: .5
>I think the $10 limit applies only to the paperwork required of your bank:
Correct.
>less than $10, they don't have to go to the trouble of summarizing your
>yearly interest and reporting that number to you. I'd imagine they still
>report it to the IRS (a guess).
Nope. The whole point of the threshhold is to minimize reporting
requirements.
>I can't imagine the IRS (or your state) *ever* saying that actual income (as
>opposed to money transferred from one entity to another) is non-taxable.
I didn't say it wasn't taxable; only that no 1099-INT is filed.
On imagining non-taxable income:
In point of fact, rental income from renting your principal (or
secondary) residence, IF THE TOTAL PERIOD RENTED FOR THE YEAR IS 14
DAYS OR FEWER, is NON-taxable.
So all those Georgians renting out space during the Summer Games get
some tax-free income (Fed-wise) this year.
|