Is this money considered income?
2007-08-02 05:58:56 · 7 answers · asked by fredbelldingding 1 in Business & Finance ➔ Taxes ➔ United States
I applied for ss disability. Currently, I am on workmans comp.
2007-08-09 11:03:41 · update #1
It will reduce your disability benefits.
What counts as income?
Income is how much money you have or are receiving through earned and unearned sources. It can also be assistance or compensation instead of money.
earned income — wages and/or net earnings from self-employment (See Transitioning To Work Fact Sheet for information on how earned income affects your SSI benefits);
unearned income — money (support) from friends or family or SSDI benefits. This causes a dollar-for-dollar reduction in your SSI;
food, shelter, and clothing which are provided as compensation in lieu of money. This is considered in-kind support and causes a reduction in the amount of SSI you receive.
2007-08-02 06:04:05 · answer #1 · answered by Anonymous · 2⤊ 1⤋
I am not sure but let me give my views. You are getting money from your boyfriend and it is not for salary or any business, so it is a gift. Any amount of gift you receive is tax free.
Your boyfriend may have to file gift tax return if the amount given to you exceeds $12,000 in 2006. Filing gift tax return does not mean that he will pay gift tax. The current applicable exclusion limit of total gifts is $ 1 million. Also a person can give any number of gifts up to $12,000 per person that are not includable in the exclusion limit.
2007-08-06 21:56:43 · answer #2 · answered by Jss 7 · 0⤊ 0⤋
How would the IRS know that your boyfriend gives you money? When my boyfriend gave me $ or loaned me money so to say I didn't report it. Why would I it's like a loan. If I reported every time he gave or loaned me $ I would owe thousands. If it were me I wouldn't worry about it. Yeah, I said it so everbody go ahead and give a thumbs down.
2007-08-02 07:21:33 · answer #3 · answered by momzadork 3 · 0⤊ 1⤋
I might be very wrong about this, but....no, I dont think so.
Since he is a boyfriend and not a legal spouse, you shouldnt have to report any support he provides as being "your" income. There is no legal record of this support, it is "under the radar", and therefore, you dont have to report it.
However, if he claims you as being his dependant on his tax return, than thats a whole different story
2007-08-02 06:14:52 · answer #4 · answered by handymanmike 5 · 0⤊ 2⤋
no its not earned income....meaning your didnt perform a job or report any income to the government so how are they to know. You'll be fine dont worry about...
2007-08-09 19:12:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes and it could reduce the amount of disability you receive..
2007-08-07 02:52:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if he/you claims it on tax returns or fafsa then yes it will because if you have steady help then they(irs)will adjust what they given you you should know what to do from here
2007-08-06 13:18:55 · answer #7 · answered by kedrick g 5 · 0⤊ 0⤋