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I filled out my parents tax forms for 2006 and already submitted it. However, I have not received a refund yet, which is what they are owed. Unfortunately, I did not know that there was additional...

A follow up, what is interitance tax ? From a US Citizen.

For example, if my parents gave me money, as long as they paid tax on it, I don't have to pay tax on the money given to me? Or is that...

THANK YOU for the information!! :)

About $200K; give or take. So, does this mean, I do not have to put it on my taxes either? Is it because there is a max limit on it?

If you sell a timeshare and you get the proceeds, how do you report it on your taxes? Or do you have to report it at all? No loan was taken out on said transaction. Thanks.

If funds are are gifted to you from someone abroad - out of the US, is there a threshold in which I do not have to report it for tax purposes? Any insight would be helpful.