i recently split with my boyfriend and am moving out of our house. he bought out my "half" and paid me in cash. unfortunately, my name was never on the title, so i've never been legally listed as co-owner of the house. i used the cash to put a down-payment on another house. in the financial papers for the mortgage company, the source of the money was listed as a "gift."
will i have to pay taxes on the cash "gift" ?
thanks in advance!
2006-12-12 11:15:54 · 6 answers · asked by buffysummers 4 in Business & Finance ➔ Taxes ➔ United States
Nope, not on gifts. If it was gambling winnings then yes, but not for gifts
2006-12-12 11:20:20 · answer #1 · answered by Johnny Z 2 · 0⤊ 0⤋
No. Gift taxes are assessed on the giver, not the recipient.
2006-12-12 19:17:36 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋
depends on the state some states a gift is a gift and can't be taxed
2006-12-12 19:18:04 · answer #3 · answered by topgunpilot22 4 · 0⤊ 1⤋
No. That was not a taxable transaction. And gifts aren't taxable to the recipient anyway.
2006-12-12 20:33:20 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Maybe a gift tax but very little if none at all.
2006-12-12 19:19:39 · answer #5 · answered by Connie B 2 · 0⤊ 1⤋
best ask the person who will prepare your income tax.
2006-12-12 19:19:34 · answer #6 · answered by sweetpicker 4 · 0⤊ 0⤋