2006-06-11 01:52:49 · 8 answers · asked by mule 1 in Business & Finance ➔ Taxes ➔ United States
No. Gifts of cash up to $12,000 (in 2006) are not taxed to anyone.
2006-06-11 02:33:36 · answer #1 · answered by NotEasilyFooled 5 · 0⤊ 0⤋
Look at the gift tax laws. Generally they talk about Grandparents gifting to younger generations. I do not believe you have to pay taxes on it although you do have to report it.
2006-06-17 14:29:27 · answer #2 · answered by tigertiggerii 3 · 0⤊ 0⤋
Yes
2006-06-11 08:55:50 · answer #3 · answered by captaincoolbeard 3 · 0⤊ 0⤋
If it's the entire amount that you get from your son this year, no, you do not owe taxes on it.
2006-06-17 17:32:57 · answer #4 · answered by bruindon 2 · 0⤊ 0⤋
No, you will only owe a gift tax on gifts of $11,000 or more...
2006-06-11 08:57:05 · answer #5 · answered by RCF1977 4 · 0⤊ 0⤋
No. Gifts are never taxable to the recipient.
2006-06-11 19:14:06 · answer #6 · answered by figment_usa 5 · 0⤊ 0⤋
just tell him to give it to you in cash, and don't tell the I.R.S.
2006-06-11 08:59:01 · answer #7 · answered by wings4stanley65 1 · 0⤊ 0⤋
no
2006-06-11 08:59:57 · answer #8 · answered by hado_hl3130 2 · 0⤊ 0⤋