Yes?
2007-07-27 06:20:06 · 6 answers · asked by johnstevens 1 in Business & Finance ➔ Taxes ➔ United States
For example, you receive a gift card.
2007-07-27 06:21:28 · update #1
For federal income tax purposes you are almost never required to report a gift. There are no limits on the amount of that gift. If You were to give me $100,000,000 in cash, just because you like me and I could establish that it was a gift (like with a written statement from you) I need not tell the IRS. You would have a number of obligation for Federal tax purposes, but I would have none. Now the depending on the state in which this gift was presented or that I lived in that could be another story. So if you plan on giving me such a gift, please give me a couple of days to figure out which state I want to be standing in and living at the time you do so.
2007-07-27 06:30:35 · answer #1 · answered by ? 6 · 3⤊ 0⤋
If you received a gift, you don't have to report it for income tax purposes no matter how much it was.
If you gave gifts of over $12,000 in one year to any one person, then you have to file a gift tax return, and might have to pay a gift tax on it.
2007-07-27 11:46:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No. You don't need to report a gift that you receive. The person giving the gift must file a gift tax return if the gift is over $12,000.
2007-07-27 06:28:29 · answer #3 · answered by skipper 7 · 5⤊ 0⤋
No. Bona fide gifts that you receive are not taxable to you.
A donor of a gift might have to pay Gift Taxes but any gifts totalling less than $12,000 per recipient in any single year are not subjecty to Gift Tax or Gift Tax reporting.
2007-07-27 06:34:43 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Go back to your dad and ask him what his basis was. I always advise parents to give you a letter showing the basis when they give you stock. If he doesn't know, you need to find out when he got the stock and be able to defend that number. (Eg, if he bought the stock sometime in 2000, you could use the lowest price the stock sold for that year as your estimate--print out the page from whatever web page you find it on. Be sure to account for splits.) If you cannot extablish a reasonable basis, then it's ZERO. At the very least, it's a long term gain. Please note, the IRS caught onto parents giving their kids stock to sell in 2008 to take advantage of the 0% LTCG rate. If you are 19-24, the kiddie tax can still apply to you--in which case you pay their tax rate (15%), not yours.
2016-04-01 05:01:08 · answer #5 · answered by ? 4 · 0⤊ 0⤋
No you don't unless it is over $12,000.
2007-07-27 06:23:19 · answer #6 · answered by Andrea B 3 · 0⤊ 6⤋