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If someone charges these bills on a credit card, then you pay off the credit card, the transaction becomes a taxable gift – assuming you pay more than ,000.
If you exceed the annual exclusion, the IRS doesn't want to wait to hear about it until you die. Therefore, even if you decide not to pay the gift tax and use a portion of your exclusion, you must file a gift tax return, Form 709.
If you pay off your spouse's credit card, it's not a gift, no matter how much the bill is.
You can give anything you like to your spouse tax-free.
The Internal Revenue Service casts a wide net when it comes to what counts as a gift for tax purposes.
If you give anything away – even to a third party such as a credit card company on someone else's behalf – it's a gift, assuming you don't expect the cardholder to repay you.
If you’re wondering just how much your credit history matters, here’s a look at some of the ways earning good credit can benefit you.
A poor credit history, or no credit history at all, can often have the opposite effect.
If your credit reports and scores indicate you’ve properly managed credit accounts in the past, future lenders will be more likely to do business with you and to offer you affordable rates and terms.
Yes, it may be possible to qualify for a credit card with no credit history.
Interest is no longer an issue because you don't have to ask the individual to pay you back.
Otherwise, you might have to pay a gift tax on any portion of the money that exceeds the annual ,000 exclusion.
One exception is that you don't have to charge interest on loans under ,000, so if you pay the creditor less than this, you're probably in the clear.