2007-01-21 05:57:42 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
As long as this is a gift for which you receive no consideration, it is not income for the family member and the family member has no reporting requirements.
If you make gifts exceeding $12,000 to any individual in one year, you are required to file a gift tax return - Form 709.
2007-01-21 06:12:54 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Unemployment reward are further to common wages earned contained in the three hundred and sixty 5 days. He must have received a 1099 from the state each and every 3 hundred and sixty 5 days he claimed unemployment. a replica is dispensed to the IRS. Tax refunds would properly be taken by technique of the IRS or the state to pay court docket ordered decrease back infant help. about the in user-friendly words way you'll locate out is to ask the mummy of his infant(ren) if she has received the money or no longer. you should report a tax go back (or a minimum of fill one out) to verify any tax criminal duty for the finished gross adjusted federal income tax.
2016-12-02 20:35:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If is it purely a gift, then the receipent never has to claim it. If it is payback of a loan, then the receipent has to claim the interest. If it is child support, then no. If it is alimony, then yes.
If it is a gift, then the giver may have to file a "Gift Tax Return" (Form 709) if they give anyone more than $12,000 in one calendar year. Any gifts that go directly to an educational institution or to pay for medical bills are exempt from gift tax.
2007-01-21 14:44:03 · answer #3 · answered by TaxMan 5 · 0⤊ 0⤋
When I paid a family member to watch my children everyday while I was at work for 9 months they reported it, and I did too becuase I got most of it back at tax time! I think in most cases a person only has to report it when they make a certain amount within the year. I think its between $400-$600 dollars before they have to report!
2007-01-21 06:15:25 · answer #4 · answered by catastrophesac 1 · 0⤊ 1⤋
Gifts are NOT taxable. Support of a dependent is not taxable at any amount.
If the recipient did not earn $3300 last year and meets other criteria, that person MAY be a dependent.
2007-01-21 06:14:58 · answer #5 · answered by WealthBuilder 4 · 1⤊ 0⤋
depends on the amount and reason you're giving them money, but technically the answer would be yes as its income.
2007-01-21 06:06:00 · answer #6 · answered by singledad 7 · 0⤊ 3⤋
its their money
2007-01-21 07:53:35 · answer #7 · answered by Quasha 1 · 0⤊ 0⤋