If my parents gift me 15k dollars cash. Would I have a problem depositing it to my bank account and having to pay taxes on it?
In the Untied States, the Gift Tax Limit is $14,000 in 2016.
That amount is considered an exclusion. SO, if your parents give you $15,000, the first $14,000 is tax free, meaning that YOUR PARENTS owe taxes on only $1,000.
Surely, any parents that can afford a $15K gift can afford taxes on $1000!
YOU would not pay any taxes unless your parents do not do so THEN, the IRS wioll come after you for the taxes on $1000.
The amount you can be gifted without penalty varies per state. In at last two states I know of, $15k is just under the limit so you would be find. However, if you want to know about your state, consult with a lawyer. Before you spend money on that, ask your parents. They likely already know and that is why they gave you a safe amount.
Gifts are not taxable income to the recipient. There is a gift tax but it is paid by the donor, not the recipient.
The annual gift tax exclusion per donor is $14k per recipient to an unlimited number of recipients. Assuming that your parents split the $15k between them there would be no gift tax filing requirement and no tax would be due.
A gift is a gift, no taxes involved for you. BUT your parents or whoever gifts you money may owe gift tax, and giving you more than 14k in one year hits one of the thresholds. the IRS website or one of the tax software programs will explain this more fully. or even just enter IRS gift tax in an online search engine
You can deposit it no problem. Your parents pay the tax on it if there is any due. If they give you more than 14k they must file a gift tax return. They can each give you up to 14k tax free.
You don't pay tax on a gift you receive, no matter how much it is.
You can take $14K without doing anything. For the other $1K you take it off your lifetime exemption of $5.35 million. Even that will go away when Trump gets his tax plan passed.
$0. Anyone who earns higher can potentially face taxes. The amount and likelihood vary on a lot more factors than just the income earned.
You would owe nothing….
Your folks, on the other hand, would owe Gift Tax on the amount in excess of the Gift Limit for 2016, which is $14,000
THEY would be far better off only giving you $14,000 in cash…..
There is no tax on gifts.