2007-03-13 04:46:44 · 4 answers · asked by erlanger 1 in Business & Finance ➔ Taxes ➔ United States
The gift itself is not taxable income. Any earnings on it will be taxed to you as a kiddie tax on Form 8615 if it is over 1,700.
2007-03-13 06:00:43 · answer #1 · answered by spicertax 5 · 0⤊ 0⤋
No - It's a gift!
Besides, you said that your child received it. Gift taxes might apply though but that involves the estate of the giver.
2007-03-13 12:20:09 · answer #2 · answered by ? 4 · 1⤊ 1⤋
You don't. Gifts are taxable to the donor, not the recipient. If you invest it you will have to pay taxes on the income that it generates.
2007-03-13 11:51:05 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The very first answer sounds good. But wow, can I be your child's best friend!! :-)
2007-03-13 12:53:16 · answer #4 · answered by MariChelita 5 · 0⤊ 0⤋