do i have to pay taxes on a $12,000 check i recieved from my grandmother?

Answer 1

I'm assuming that it's a gift, since a person can give up to $12,000 per person per year with no tax effect. No, gifts are never taxable to the person who receives them whether it's $1 or $1 billion. A person can give up to $12,000 per year to anyone without having to file a gift-tax return. Go above that amount to one person and the giver has to file a gift tax return, but still has a $1,000,000 lifetime exclusion that they can use.

Answer 2

Gifts are not taxable to the recipient, ever. Grandma can give $12K to anyone she wants, as many people as she wants, this year and it's not taxable to anyone. Now, if Grandma gives more than $12K per year to someone, she will pay gift tax on the amount unless she elects to apply the amount to her $1M unified tax credit - she can give $1M away in addition to the $12K per year per person. So you won't pay taxes on it, but given certain circumstances and bad tax planning, grandma may.

Answer 3

Nope. It used be 10k a year but now it is up to 12k I think. Anyone can give you 12k as a gift per year without you or them having to pay any tax.

Answer 4

That depends upon why she gave you the money. If it was a bona fide gift, it is not taxed. If you put a new roof on her house then it's taxable income.

Answer 5

If it's a gift - then no. However, gifts are cumulative. For instance, if she gave you any money (throughout the year) prior to the 12k or after the 12k then that money (or items of cash value - car, homes) would be taxable.

Answer 6

If this is an inheritance no. Other wise yes unless she gave it to you as a gift. You should check with the IRS.

Answer 7

short answer
if its a gift no
if its payment yes
go by that

Answer 8

If you received it from her because you did work for her, then yes, otherwise, no.