Gifts
Gifts questions and answers
Don't forget to check out the latest article on Homemade Christmas Gifts at GetCrafty.com Crafts.
Q: gifts!!!!!!???????
school is going to let out in a few days and i still haven't given my friends their gifts!!
theyve already given me theirs, but i need to go shopping for their gifts still. i can't go shopping this week, but i can on the weekend. but school lets out this wednesday.
should i do something creative, like drop their presents off on Christmas morning, and say merry x-mas???
im going to buy the presents beforehand.
they are going nowhere for xmas
A: that is a good idea
Q: Is it customary to exchange gifts on a one year dating anniversary?
I got him a couple of gifts but I have a feeling he's not getting me anything. I'm just curious if most people exchange gifts on dating anniversaries? We've discussed doing something fun that day so I know he hasn't forgotten about it. No, I am not a gold digger...I'm just wondering if it was stupid for me to get him gifts?
A: It is pretty normal to get a little something. Next time, talk to him about what he deems appropriate.
Q: What are the reporting requirements on non-resident alien gifts?
My aunt (who meets the IRS definition of being a non-resident alien) intends to give $50k towards my son's college education. My aunt lives in Switzerland. To ensure that the gift is given and received outside of the US (so as to make it non-taxable) I plan to open an account at a foreign bank into which I will receive the gift, and then wire to funds to the university. Gifts from non-resident aliens over $10k normally requires that the recipient file of IRS form 3250.
My Question: since this gift is being used for tuition, is it exempt from filing form 3250? IRC 6039F(b) (Notice of Large Gifts Received from Foreign Persons) has exepmtion language for tuition and medical expenses, but I find the language a bit vague.
Does someone know if, in the circumstances described above I am exempt from filing Form 3250? And thus, I can receive the gift tax free, spend it on tuition and file nothing with the IRS?
Thanks
A: I'm suspicious of the qualifications of the above "tax consultant" poster. I found the answer in the Form 3250 instructions on the IRS website, linked below, and it does NOT agree with what he states. I certainly won't be paying HIM for any advice any time soon!
You don't need to file the 3250 for a couple of reasons. One being the nature of the gift for tuition. The other is that the gift is coming from a foreign person where the reporting limit -- at least as I'm reading it -- is $100,000, not $12,760 (2006 rate, it's adjusted for the cost of living.)
Even if the gift had to be reported, it still would not be taxed. The 3250 filing simply advises the IRS of the transfer so that they can evaluate the taxable status of the transfer. A bona-fide gift is never taxable to the recipient.
Technically the donor would need to file a US Gift Tax return and pay any tax due, however as the donor is not subject to US taxation they cannot be compelled to so do. There might be a tax treaty that addresses that issue but that's a problem for the donor to contend with.
The US recipient of the gift is not taxed. Gift recipients are never taxed. It doesn't matter what the money is used for.
There is no need to set up a foreign account for this gift to pass through. In fact, doing so will significantly complicate matters as you will now have to file additional informational returns since you have authority over a foreign depository account.
Q: Gifts to give to a winner of a battle of the bands?
My pledge class for my soroity is doing a battle of the bands conteest for our pledge class project. We dont have alot of money to work with and we would like to award prizes. Does any one have suggestions of cheap yet nice gifts?
A: choose a good gift from the following website.
really its a worthable website
Q: What are good gifts to give out a charity event for kids?
People always like to receive free gifts even if they're donating funds. What are some good gifts ideas to give whereas people will be excited to get?
Ok, the event is for kids. The kids won't be present. People wake up...
A: Truly depends on the age. Four and under, those toys that help teach abc or animals. To be honest, there are so many learning toys/books for children that any child would love.
Q: How important is giving gifts on holidays in your relationship?
Do you give them every year for things like christmas, birthdays, v-day, or any other holiday you celebrate in which you give gifts? Did you give them for a few years and after that you stopped or do you still give them even after so many years?
Im just curious about what other people do and how important gift giving is in your relationships.
A: Christmas, Birthdays, V-Day, and Anniversaries
EVERY YEAR!!
Q: How much or many gifts do you usually buy for your significant other?
I was just curious to see how much or many gifts other people buy for their significant others. My fiance and I go through this every year, this year we set a present limit of 10 gifts each.
A: we don't buy gifts for each other because we get what ever we want when ever, so what's the point, but, for the adults in our fam we buy 75$ worth of gifts and the kids 150$, and for birthday's i buy my hubby like next feb he'll get 22 gifts for his 22nd birthday, this year it was 21, good luck
Q: What gifts should I bring to a board of directors I will be meeting with in China?
I am heading to China for a week of negotiations with a company's board of directors. My background in Asia tells me I should bring gifts, but I am struggling with what gifts to bring a board. Any ideas? Also, should I bring a gift for the government official involved?
Thanks!
A: I can tell you what NOT to give:
a clock -- in Chinese the words "give a clock as a gift" sound exactly like the words "attend a funeral", so this is considered to be a very bad luck gift.
anything sharp -- knives, scissors, letter openers, etc. Chinese superstition says a sharp gift will sever the relationship.
any sort of green hat (like a golf hat, baseball cap, etc) -- in traditional Chinese opera, the cuckolded character wears a green hat. To this day, the expression "you wear a green hat" is an insult and means "your wife cheats on you".
anything with the number 4 -- a set of four coffee cups, four plates, you get the idea. The number 4 sounds like the word "death" in Chinese and is avoided in gift giving.
I do like the calendar idea given by the person above. Calendars are a very popular (and safe!) gift in China.
Hope that helps!
Q: What gifts are appropriate for a male teacher?
My English teacher from last year is writing my college recommendations, and I would like to give him a gift to thank him for the time and energy. However, he being a 30-year-old married man and I being a senior girl, there are naturally many gifts that would be inappropriate. What are some appropriate gifts that I might get him? Thank you!
A: I gave a fav teacher of mine a scarf to wear outside in the winter,and he did use it.If you don`t live where it`s cold,surely it rains and an umbrella might be appreciated.Something practical,yet not too personal.A letter opener or paperweight with their first initial.My mom has a fav brass paperweight that is of her first initial.
Q: what is the best way to transport fragile gifts from town to town?
i need to transport around 20 baskets of marriage gifts. all gifts are fragile, glass, crystals, gypsums, etc.
what is the best way, considering the cost and the safety of the gifts?
thank you.
A: Foam and bubble wrap. Wrap the items in bubble wrap and pack them in foam. Should withstand the trip. Be sure to write fragile on the boxes. Good luck.
Q: What are some gifts ideas for opening night to give to lead role?
The actress has a lead role in performance. The performance is a musical. What are some thoughts on gifts to give her for opening night of the performance?
A: Flowers should be given to her when she goes on stage to bow (ask around to find out what she likes, but roses are standard- depending on the performance, maybe a seasonal bouquet?). If you'd like to give her more, maybe go out with the crew and buy her dinner and drinks? Or a framed photograph of her performing?
Q: What are memorable gifts you have to your child on their first birthday?
I mean toys in particular you remember giving them and also possible keepsake gifts. My son's 1st bday is this weekend and I want to get him something special.
A: engraveable items, my son had his 1st in november of last year. we went insane on the gifts, but i think like a rocking horse or age appropriate toys (maybe a mini ball pit for the house! we got one of those as gifts, our son loves it. or maybe a piggy bank with his name engraved on it) will be great. also i had a BIG plastic "floor mat" underneath his high chair (for spills). after the party was over, i had each guest sign their name and write a short message to our little guy. I kept that in a box for him when he grows up!
have fun, and take LOTSSSSSSSSSSSS of pictures! i was so busy with the preparation and getitng things in order that i didnt take very many pictures, something i regret!! get guests who take pictures to make you doubles too!
Q: What kind of gifts do you give away at a bridal shower for the games?
What kind of gifts do you give away for the games you play at a bridal shower? Any ideas?
A: something not too expensive but don't go too cheap either. target has a lot of cool nick nack type things that are reasonably priced.
candle set
zen garden
lotion set (hard to pick smells)
stationary
if your not playing too many games you can do like 10dollar gift certs to a couple places, starbucks, target, barnes and noble
Q: What are some unique bridesmaid and groomsmen gifts?
I am having a winter wedding and I'm trying to think of gifts besides the usual, predictable gifts. Any ideas?
A: buy girls tote bags w/names embroidered on them
fill w/ things from bath and body works and a nice
pair of earrings for them to wear on your big day
guys~Money clips from http://www.thingsremembered.com
or go to
http://www.personalcreations and give everyone an individual
personalized item
Maid of honor and xtra _mani//pedicure day before
Q: What are good teammate gifts to give at a banquet?
I'm a captain of our high school's varsity tennis team. We're trying to think of good gifts to get all our teammates (15 total) for this years banquet. For example, last year we each got a framed picture of the team. Is there anything that would incorporate our sport and other fun stuff while still keeping costs low?
A: a set of tennis balls with each player's name on them?
or, if you wear a uniform, an item of it printed with each person's name
maybe a tie or sweatband/wristband?
try a cake or chocolate shop to see if they can custom make tennis cakes or novelty chocolate items - again with the person's name on it or the team details
at a baby shop you can buy special modelling clay that records their handprint or footprint...how about one of these for each team member with the team details written on their handprint?
hope this helps :) good luck with it and i hope you all have fun at the banquet