I've been given 10k by my brother,is it taxable ?

Question

It is not business related,a kind of gift before before instad of after dying.

Answer 1

$12,000 is the current amount for gifts with no tax consequences. If you give more than that to any one person in any one year, you must complete a Gift Tax Return. That does not mean you pay taxes on gifts above that amount. There is a 'Unified Credit' equal to the tax on $1,000,000 of reportable gifts over you lifetime.

EDIT: que misunderstands large currency transaction reporting. Reports are used to detect money laundering, NOT to assess taxes. Her suggestion on depositing $9000 or $9999 would trigger a suspicious activity report. That basically means 'this looks like someone trying to avoid the $10,000 reporting rules'.

Answer 2

If your brother is single, he may gift you or anyone up to 12,000 per calender year. The gift itself would not be taxable to you but if you put the money in the bank etc. you will have to claim the interest earned on the money, and interest is taxable to you as income received.

Answer 3

You are allowed one "gift" every year that is non-taxable. As long as you report it to your country's revenue agency as a gift then you do not have to pay tax on it.

Answer 4

No, not to you. This is a gift and not taxable.

Answer 5

No! You only are liable for taxes on any single gift over $12,000.00 for this year.

Answer 6

Gifts of up to $11,000.00 are not subject to tax.

http://www.irs.gov/newsroom/article/0,,id=107815,00.html

Answer 7

anything over 10grand that u put in the bank will be reported to the irs and yes u will need to pay taxes on the interest it gains if u put oh i dont know maybe 9,999 or 9,000 in the bank u should be fine i had to get a tax id # for a 15,000 ck i put in

Answer 8

Not sure about the new laws on taxation but in the old days you would pay tax on it but he could get an exemption.