What qualifies income as taxable income? What if I was just given $30,000?
2006-06-30 06:46:59 · 9 answers · asked by bonight1 1 in Business & Finance ➔ Taxes ➔ United States
If you were given $30,000, $19,000 is taxable under Gift Tax. The gift tax applies to any amount given by one individual to another individual over $11,000. The giver must file form 709 and pay gift tax.
Go to www.irs.gov for more details on Gift Taxes.
2006-06-30 09:55:26 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
There is a list you can view of taxable vs. non taxable income. Go to www.irs.gov If this was a gift, there is not consequence to you. The person that gave it to you can exclude some of the 30k by filing the proper paperwork mentioned in above anwers. But you're free and clear! Enjoy the money!
2006-07-06 10:23:14 · answer #2 · answered by lade40free 2 · 0⤊ 0⤋
Income is qualified as taxable or non-taxable (exempt) by applicable law, which, needless to say, can be complicated.
2006-06-30 13:51:18 · answer #3 · answered by NC 7 · 0⤊ 0⤋
taxable income is any and all income you make... that is why there is places on tax forms that have you add in any untaxed income.
that 30,000 is taxable by the IRS standards.
2006-06-30 13:50:36 · answer #4 · answered by . 3 · 0⤊ 0⤋
You are allowed to be gifted a non taxable gift of ten thousand dollars a year, after that you have to pay for it.
2006-06-30 13:50:17 · answer #5 · answered by Liz 4 · 0⤊ 0⤋
That is taxable income.
2006-06-30 13:50:08 · answer #6 · answered by Jennifer N 2 · 0⤊ 0⤋
gifts are not taxable.
the gift tax exclusion for 2006 is now 12000
if a married couple makes the gift.....24000
the giftor must file a gift tax return.
the giftee has no obligation to IRS
if you are the giftor, consult a local CPA
2006-06-30 20:36:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you have to pay inheiritance tax on any inheiritence over 10000
2006-06-30 13:50:33 · answer #8 · answered by Stephanie w 3 · 0⤊ 0⤋
i dunno
2006-06-30 13:49:49 · answer #9 · answered by Mandi 1 · 0⤊ 0⤋