I got married last year and received about 8000 us dlls in cash and checks as presents from family memebers who could not come to the wedding. Do I need to include that om my tax return? Plus I earned nothing else since I did not work for the entire year.
2007-04-17 00:50:31 · 5 answers · asked by DulceCaro 1 in Business & Finance ➔ Taxes ➔ United States
No, gifts are not taxable to the recipient. The amount involved is well below the exclusion amount even if it all came from a single donor so nobody has any tax issues at all with this one.
2007-04-17 01:02:24 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Gifts are not income! Most gifts and inheritances are not includible in total income for the US purposes according to the Internal Revenue Service.
Congratulations!
beachcpas
2007-04-17 08:07:50 · answer #2 · answered by shrrley 1 · 0⤊ 0⤋
No, gifts aren't income and are not reported on your tax return.
If your spouse had income, even if you didn't, you can file a joint return - it would probably save you taxes over your spouse filing as married filing separately.
2007-04-17 11:24:35 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No, you don't have to include that. It was gifts not an income.
2007-04-17 07:53:28 · answer #4 · answered by dior.junkie 5 · 2⤊ 0⤋
NO, F the IRS, those were gifts, and it's no bodies business but yours.
2007-04-17 07:54:16 · answer #5 · answered by Anonymous · 0⤊ 1⤋