I was the recipient of a random act of kindness from a stranger who donated $2500 to my paypal account for use for school tuition. I tracked the person down and the donation & person is legit. It's such a large sum so I worried when I go to taxes next year... do I claim it? and how?
*if I had an accountant I'd ask them but I don't know any who work for free.
2007-03-12 17:02:29 · 3 answers · asked by purpleduck16 2 in Business & Finance ➔ Taxes ➔ United States
Amazing.....
But no, since it was a gift, you don't pay taxes on it, and don't show it on your tax return if you file one.
2007-03-13 09:05:07 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You can walk into an H&R Block office and they will answer your questions for free. You don't have to declare a gift.
2007-03-12 17:12:25 · answer #2 · answered by Alicia 5 · 0⤊ 0⤋
actually if u can show the proofs that ,that amount was a donations
then no chances of tax
2007-03-12 17:08:41 · answer #3 · answered by vijaya s 1 · 0⤊ 0⤋