Monday, December 24, 2012

Filing taxes on money as a gift?

Q. My husband has received a large sum of money ($175000) as a gift from the UK. The person in the UK has already had to pay taxes on that money. Do we also have to file taxes on this money? Both my husband and I think we do but one friend says we don't need to.
Thank you.

A. The recipient does not have to report a gift as income, as long as it really was a gift -- and not a bonus, or other payment associated with your employment.

In the UK, can I get my friend to transfer 5000 pounds from my friends account to my account, what are tax law
Q. I need some money to pay loans and buy things. Can I take a loan of 5000 pounds from my friend? What exactly are laws regarding tax on cash gifts in the UK?

A. Nothing to pay unless he dies within 7 years. A gift is a gift. What he does with his money is his business.

Where can i get a custom mug printed from a picture in Houston?
Q. I'm after getting a novelty mug as a gift. In the uk this can be done at any "Snappy Snaps" store. Is there a chain of stores i can look out for?

A. Try "Logo my Promo" in Houston




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