I recieve money from family and my boyfriend often to help keep me afloat. Most of the time it's cash, sometimes checks or wires. Should I claim this on my taxes? How do I do that?
2007-01-24 21:17:31 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You do not pay income taxes on gifts. If the total amount you receive from one individual is more that $12,000 in a year, the person who gave you the money would be required to file a gift tax return. (Most likely, unless he/she make a lot of gifts, they would not actually have to pay any gift taxes, because no taxes are actually due on the first $1 million that a person gives in his lifetime).
2007-01-24 22:41:53 · answer #1 · answered by NotEasilyFooled 5 · 2⤊ 0⤋
Gifts you receive are never taxable to you no matter how much you receive. The person giving the money could have a gift tax to pay if they give you more than $12,000 in a year.
2007-01-25 06:39:34 · answer #2 · answered by waggy_33 6 · 2⤊ 0⤋
Why would you want to do that? You'll have to pay taxes on it..."is that what you want?", if so go for it, it's the american way I guess... but you get no credits for gifts just a taxable liability, pal.
2007-01-25 05:32:41 · answer #3 · answered by Anonymous · 0⤊ 3⤋
Yes its taxable Income. tax rate is 50%
2007-01-25 05:22:18 · answer #4 · answered by suresh b 3 · 0⤊ 4⤋
No this is considered not to be as it is the same as if you found or stole the money.
2007-01-25 05:25:19 · answer #5 · answered by Hacker Earth 0006. 4 · 0⤊ 3⤋