What would you like to do?

Do you have to pay tax on money given to you by your parents?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

No, unless the amount is over $500
Thanks for the feedback!

Do police informants pay income tax on money received for information given?

The money is taxable income and should be reported. If it is over $600 they must receive a W-2 and the payor reports it to the IRS. Large amounts paid as part of a TIPS prog

Does the person you babysat for have to pay taxes on that money?

Not if your are a self employed taxpayer and the other taxpayer has your social security number in order to get the tax credit for the child care expenses. If you are a self

Do you have to pay tax on money given to you?

If the money is given to you as a no-strings-attached gift, no. Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agr

Do you have to pay taxes on found money?

If you are in the US, technically that would be income and you'd have to file it under miscellaneous income, much like if it were gambling winnings.   Yes it is taxable -

Do you pay income tax on a gift from your parents?

  There is no income tax due on gifts, and there will be no gift tax unless the gift exceeds $12,000 per individual. (A married couple can each give $12,000 - so they coul

Who do you pay taxes on prize money to?

You pay federal taxes to the Internal Revenue Service (IRS). You pay state and local taxes to the state or local tax department. You would enter prizes on your year-end ta

What if you have no money to pay your taxes?

You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you w

When do you pay the taxes if you tax out money from a 401k?

You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income t

Do you pay taxes on restitution money?

  Answer   It depends...and the term gets used too many ways so lets use a more general way of understanding it:   If the payment, regardless of it's name, is to r

Do you pay taxes on money you receive from a parents life insurance policy?

Generally speaking, life insurance proceeds (death benefits) are received income tax free by policy beneficiaries.. Any subsequent monies that are earned through investment o

Do foster parent pay taxes?

Yes of course they do. They have to have an income since you don't get paid to foster, you just get money to cover the child's expenses. You still need a job.

When you make how much money do you have to pay tax?

  Answer   Understand that making money and having taxable income are different things...not all money you receive is considered taxable income.   Additionally, ev