Do I need to report it as income.
2006-08-20 03:40:20 · 5 answers · asked by Randy 3 in Business & Finance ➔ Taxes ➔ United States
Unless the rules have changed recently, gifts are not taxable to you. If your parents give you more than a certain amount per year they may owe gift tax (but that's around $15,000 per year IIRC).
2006-08-20 03:47:39 · answer #1 · answered by Engineer-Poet 7 · 1⤊ 0⤋
No money given by your parents is not taxable and you don't need to report it as income because it does not fall under any sort of guidelines corpatation, job or work. I hope I helped. :)
2006-08-20 12:59:07 · answer #2 · answered by Jason C 1 · 0⤊ 0⤋
If the money is a gift, it is not taxable. Gifts above a certain amount are subject to gift taxes paid by the donor. If your parents are paying you for some form of work, it is treated like any other job.
2006-08-20 15:41:07 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
Hahahah... you know.. you can report it as income if you want, but they are not taxable as long as nobody cares... and by the way.. your buddy's parents can give you money as well and they're not taxable...:)
2006-08-20 10:50:50 · answer #4 · answered by sevcenko 2 · 0⤊ 1⤋
It will depend on how much. The IRS allows "gifting" up to a certain amount each year. Check with the IRS.
2006-08-20 10:47:34 · answer #5 · answered by Albannach 6 · 0⤊ 0⤋