0
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.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Do you have to pay income tax on a gift of cash from your dad?
Depends what country. Funny how definite answers are given without such basic information. Ethnocentric?
What effect will the declaration and distribution of a stock dividend have on the net income and cash flows?
19. What effect will the declaration and distribution of a stock dividend have on net income and cash flows? (Points : 2)No effect on net income or cash flowsNo effect on net income, decrease cash flowsDecrease net income, decrease cash flowsIncrease net income, no effect on cash flows
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
How to calculate net income when cash dividend is given?
Cash dividend paid has nothing to deal with net income as net income is calculated first and after that it is distributed. If cash dividend is received then it is included in net income calculations and increases the net income.
Is cash net income?
cash is not net income,it is part of wealth and can be used further in earning profit.
Do you have to pay income tax on a cash gift?
If it is over $13,000
Can a parent give a monetary gift of 13000 cash to and adult child and deduct if from their gross income?
No deduction on your income tax return for gifts to anyone.
Do you have to pay income tax on a gift of cash from your dad?
Depends what country. Funny how definite answers are given without such basic information. Ethnocentric?
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.
What effect will the declaration and distribution of a stock dividend have on the net income and cash flows?
19. What effect will the declaration and distribution of a stock dividend have on net income and cash flows? (Points : 2)No effect on net income or cash flowsNo effect on net income, decrease cash flowsDecrease net income, decrease cash flowsIncrease net income, no effect on cash flows
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
You would like to give someone in need a cash gift can you claim it on your taxes at the end of the year as a chairtable gift?
No. Gifts or donations to any individual taxpayer is never deductible on your 1040 income tax return.
What does redeemed mean on a gift card?
A gift card has a certain amount of cash on it, and when that cash is used, it is 'redeemed'.
Are Stocks cash income even if they are not liquidated?
Stocks are not cash or income, they are an asset. Once they are sold, the value is "realized" in terms of income.
How to calculate net income when cash dividend is given?
Cash dividend paid has nothing to deal with net income as net income is calculated first and after that it is distributed. If cash dividend is received then it is included in net income calculations and increases the net income.
Can you cash in a Sears Gift Card?
No, you can only use it to buy stuff at Sears. They will not exchange gift cards for cash.
Is cash net income?
cash is not net income,it is part of wealth and can be used further in earning profit.
