my dad gave me some money (a LOT of it) during Sept - Dec. of 2005. then he got his boxers in a wad and said he didn't, this year (two days ago) he sent me a Misc. Income form from his company. Wouldn't he have had to do that when I filed my taxes in 2006 for me to claim it? or do i have to claim it this year?
2007-02-03 12:46:27 · 2 answers · asked by TrekkieGirl 3 in Business & Finance ➔ Taxes ➔ United States
What was the purpose of the money? He can give you a "gift" of $10,000 without it being a taxable event (I think), but if he sent you a 1099-misc he may be "up to something", I would check with him!
2007-02-03 12:50:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If a parent gives a child a gift it is not taxable. If there is a 1099 that means that he is paying you for some service and it is taxable.
2007-02-03 20:56:00 · answer #2 · answered by Barkley Hound 7 · 0⤊ 0⤋