Caitlin Mullaney:Well, students might get a lot of benefits with that student ID, unfortunately for them, their status as a student does not exempt them from paying taxes. That ID will only take them so far. Whether or not they need to file a tax return is still based on their total ...
The gift tax extends beyond cash transactions, encompassing real estate, vehicles, forgiven debts, insurance policy benefits, stock transfers, etc. For tax purposes, the gift amount is the item's "fair market value" at the time of the gift. Gift tax limit: How much gift money is tax-free...