2006-12-09 17:06:02 · 4 answers · asked by lolo 3 in Business & Finance ➔ Taxes ➔ United States
any links that can help me?
2006-12-09 17:11:04 · update #1
any links that can help me?
2006-12-09 17:11:15 · update #2
Tax treatment of the $50k varies on a number of things, like
Are you an US citizen or legal alien? Is the money a gift, loan or something else?
2006-12-10 06:06:28 · answer #1 · answered by JQT 6 · 0⤊ 1⤋
It really depends on how you got the money. If it was given by a close family member it could be considered a gift. The best thing to do would be to add the amount to whatever you have made this year and see where it places you tax bracket wise so you can get an idea of what your tax liablilty is. It also never hurts to check the irs website.
2006-12-12 23:10:41 · answer #2 · answered by davidm_42 2 · 1⤊ 0⤋
I am assuming this is all legal and above board stuff. No scams or any thing like that.
The answer depends on what else you are reporting on your income tax return. What other income you have and what type of deductions you are eligible for. It also depends on what state you are living in as some states have an income tax and some don't.
2006-12-09 17:32:00 · answer #3 · answered by BD in NM 6 · 0⤊ 1⤋
50 dollars
2006-12-09 17:09:53 · answer #4 · answered by Anonymous · 0⤊ 1⤋