last year a friend held a fundraiser for me to help pay my medical bills. a non-profit lutheran charity matched funds up to a certain amount. in order to receive their donation, i had to give them all the money i received the day of the fundraiser, then they added their match funds and gave me a check for the full amount (the amount raised plus their matching funds). do i have to claim this as income? if so, where (on what form or what part of the 1040 would i find this?)? i received no forms in the mail and just finished filing online and saw no place to add this amount (i didn't file yet, just finished the 'paperwork'). if you REALLY know the answer please share. i'd REALLY appreciate it. thanks!
2007-02-11 11:12:05 · 5 answers · asked by drunkinpoet 4 in Business & Finance ➔ Taxes ➔ United States
GIfts received of ANY amount are not taxable income.
--A Darn Good Tax Advisor
2007-02-11 14:46:43 · answer #1 · answered by WealthBuilder 4 · 0⤊ 0⤋
As everyone noted, gifts are not taxable. (Internal Revenue Code section 102.) If you want the statute of limitations to run out on the IRS in 3 years rather than 6 years, consider disclosing the gifts on an attachment to your form 1040 tax return. You probably have nothing to worry about, but it may be prudent to disclose the gifts, just in case there is some about the gifts you haven't told us.
2007-02-11 18:46:47 · answer #2 · answered by mattapan26 7 · 0⤊ 0⤋
No, it would be considered a gift to you, not taxable income.
2007-02-11 11:21:23 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
A gift is not taxable.
2007-02-11 11:20:49 · answer #4 · answered by Barkley Hound 7 · 1⤊ 0⤋
if money that was just given to you, i dont see why you would have to claim it.
2007-02-11 11:20:46 · answer #5 · answered by laura s 3 · 0⤊ 1⤋