I've recieved 10,000 from my mom (to help me put down payment for my car). Do I have the put that in for my taxes? Does my mom have to put that in for taxes? I heard that you have to do something if someone withdrawn 10,000 or more from their bank account--if any of you know, can you tell me? Thanks!
2007-02-06 08:05:51 · 9 answers · asked by Ting Err 2 in Business & Finance ➔ Taxes ➔ United States
Gifts are never taxable to the recipient, only to the donor. If that's the only gift your mother gave, there are no tax consequences as it's below the exclusion amount ($12,000 for 2006).
Banking and commercial transactions that exceed $10,000 in any single transaction do generate a notification to the Treasury Department. That's primarily for tracking funds from illegal activities (money laundering, drug trafficking, terrorism, etc.) but you don't need to file anything on that yourself, or worry about it unless you're up to something illegal.
2007-02-06 08:22:40 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
It is a gift from her to you and gifts are not taxable to the recipient. If it is $10,000 then it is too small to require the filing of a gift tax return by her so it would be non-taxable to her, also. She can give you $10,000 annually without either of you being taxed.
2007-02-06 16:11:09 · answer #2 · answered by Flyboy 6 · 0⤊ 0⤋
You're right - I used to work at a bank and if you are withdrawing more than 9999.99 (almost 10 years ago...may different now) you had to fill out an affidavit type thing. Your mom shuld receive something from the bank - a 1099 - If she does then that amount has been reported to the IRS and if it hasd been reported you will probably both want to report it. Go to www.irs.gov and use their search engine - I can not dictate the exact law when it comes to loans, etc.
2007-02-06 16:11:55 · answer #3 · answered by R R 2 · 0⤊ 2⤋
If this is a gift, and assuming your mom did not make any other gifts to you in the same calendar year, nobody has to report anything.
2007-02-06 16:10:24 · answer #4 · answered by Eduardo Fisher, San Jose, CA 3 · 1⤊ 0⤋
no, you actually can claim it as a gift. The 10K rule applies to $10K or more in CASH deposited at one time in a bank. Not withdrawed by check or deposited by check.
2007-02-06 16:10:04 · answer #5 · answered by Dick Richards 3 · 1⤊ 0⤋
I would give her a dollar back, so you don't have to pay gift tax on it (gift tax counts for any gift $10k or above).
2007-02-06 16:14:59 · answer #6 · answered by contemplating 5 · 0⤊ 2⤋
No, neither you nor your mom has to report it.
2007-02-06 16:10:10 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
that would be considered a gift, and a gift of 10,000.00 has to be reported.
2007-02-06 16:14:11 · answer #8 · answered by Sir Hard & Thick 2 · 0⤊ 3⤋
your fine don't do anything
2007-02-06 16:13:45 · answer #9 · answered by Anonymous · 1⤊ 0⤋