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USA tax collectors

(7 Posts)
mokryna Wed 08-May-19 13:16:10

While I wish everyone concerned a long and healthy life, a French radio programme suggested that the Americain tax collectors were rubbing their hands. This is because as American citizens they must put on their tax returns not only income but also gifts/presents. Can anyone verify this?

rosecarmel Wed 08-May-19 14:18:59

It's correct, but nothing new - There is a gift tax - Although each year there are new tax revisions -

mokryna Wed 08-May-19 16:30:39

I was very shocked as they spoke about an engagement ring among other things.

rosecarmel Wed 08-May-19 17:02:10

Its complicated, and much depends on your income and tax bracket - There are yearly gift limits, lifetime gift limits, spousal gift limits and so forth - Tax law changes yearly, but most could prepare their yearly taxes on their own - There's federal tax, state tax and in certain areas other taxes - Certain cities charge taxes for working in certain counties and living in others - Taxes vary by state, too - Very confusing!

sodapop Wed 08-May-19 21:18:04

I think my adult grandchildren who have American citizenship are supposed to register for tax. This is despite the fact they have not lived in America since they were small children.

mokryna Thu 09-May-19 06:29:09

This programme was talking about the Royal family.

Witzend Thu 09-May-19 09:59:51

According to my sister who's lived in the US for decades, , the reason US tax is so complicated, is that it provides lots of very lucrative work for their squillions of tax lawyers. And of course plenty of handy loopholes for the rich.

(Not that she's a hardened cynic or anything...)