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A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
Wiki User
∙ 7y ago
Wiki User
∙ 7y agoYou bet your tax return it is. Called unearned income. And since you experience monetary gain from it, it becomes taxable.
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Is a gift of exactly 10000 dollars taxable income?
only if you want it to be Famous Answerer !3 year old Female
Gift received from employer will be taxable or not?
Almost always yes....call it anything you want....something of value from your employer is taxable income. (Yes, a Thanksgiving turkey or Christmas bonus, etc is taxable).
Do you pay income tax on a gift from your brother or sister?
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
When does a cash gift become income?
When it really isn't a gift. There is a myth out there that by giving a taxable payment a creative name, it can be treated as a gift. For example, if an employer gives his staff a check as a "token of his affection" for meeting their sales goals, it is still not a gift. Or if a neighbor gives you a thank-you $20 bill everytime you mow his lawn, it is still not a gift. I suppose a gift from illegal activities might be taxable. For example, if a bank robber gives a bank teller a gift for not identifying him in a line up, that might be taxable. Or an embezzler splits his loot with the people who fed him inside information, that might be taxable.
Can you file for income tax using financial aid as an income?
No you cannot due to the fact of it being tax free because its from taxes and financial aid is not a earned income its a gift. The above is hogwash. There are many types of financial aid. I am unaware of any that are considered a gift, although that in itself would make little difference as gifts are normally taxable. ALL INCOME IS TAXABLE, not just earned income. Depending on the type of financial aid, the one giving it can provide details on how they will report it, and combinned with your other taxation factors 9marital status, dependents, other income, etc), will determine if it is taxable and if you actually pay tax on it.
Is a gift of exactly 10000 dollars taxable income?
only if you want it to be Famous Answerer !3 year old Female
Is money received for work done for a family member taxable income or can it be treated as a gift?
Its income
Is A vehicle gift taxable?
No, gifts are not taxable. However, the IRS does have some specific rules about gifts and taxes, and it's important for you to understand them. The basics are that you can give up to $15,000 worth of cash or property as a gift without filing any special tax forms (since 2018). Gifts are not taxable because it not considered income or earned income. Visit Gift a Feeling and find the perfect birthday gift customized for your loved ones.
Gift received from employer will be taxable or not?
Almost always yes....call it anything you want....something of value from your employer is taxable income. (Yes, a Thanksgiving turkey or Christmas bonus, etc is taxable).
If a third party makes loan payments is this taxable income to the borrower?
Yes. Unless done as a gift.
Is gift card from employer taxed?
Yes - Gift cards from employers are taxable income. They should be reported by the employer as wages and reported by the employee as income. There is an exception if the gift is de minimus, but the exception is genuinely difficult to meet.
Why would a work place charge a gift tax on something won at work?
There is no such thing as a "gift" at work. Anything you receive is considered "income" and therefore taxable.
Would you have to pay a gift tax or income tax on a gift in the amount of 105000?
Not if you're the one receiving it. Gifts are not income. Gifts are not taxable. The person who GIVES you the gift must not exceed their annual exclusion ($15,000 in 2012) if they don't want to incur gift tax liability.
Do you pay income tax on a gift from your brother or sister?
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
Is there a tax on a loan from parent to child?
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
When does a cash gift become income?
When it really isn't a gift. There is a myth out there that by giving a taxable payment a creative name, it can be treated as a gift. For example, if an employer gives his staff a check as a "token of his affection" for meeting their sales goals, it is still not a gift. Or if a neighbor gives you a thank-you $20 bill everytime you mow his lawn, it is still not a gift. I suppose a gift from illegal activities might be taxable. For example, if a bank robber gives a bank teller a gift for not identifying him in a line up, that might be taxable. Or an embezzler splits his loot with the people who fed him inside information, that might be taxable.
Can you file for income tax using financial aid as an income?
No you cannot due to the fact of it being tax free because its from taxes and financial aid is not a earned income its a gift. The above is hogwash. There are many types of financial aid. I am unaware of any that are considered a gift, although that in itself would make little difference as gifts are normally taxable. ALL INCOME IS TAXABLE, not just earned income. Depending on the type of financial aid, the one giving it can provide details on how they will report it, and combinned with your other taxation factors 9marital status, dependents, other income, etc), will determine if it is taxable and if you actually pay tax on it.
