2007-10-29 13:26:30 · 10 answers · asked by lupe5 1 in Business & Finance ➔ Taxes ➔ United States
yes, you do.
2007-10-29 13:31:30 · answer #1 · answered by fuzzykitty 6 · 1⤊ 1⤋
No, if it is a gift. The person who receives a gift of any amount does not pay any tax on the gift received by him. Only donor may have to pay the tax.
Also if the gift is from foreign sources, then you need to declare it.
Some States do collect tax on gifts from the person who received the gift. So check at your state web site.
2007-10-30 01:49:41 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
It depends on how your money is received. Inheritance is not taxable up to $1million in 2002/2003, up to $1.5million in 2004/2005, and up to $2million in 2006-2008. Hope this helps!
2007-10-30 15:02:30 · answer #3 · answered by darebrewer 1 · 0⤊ 1⤋
Gifts are non taxable, but the gift giver has to pay a tax on any amount over (I think its about) $12,000 per person.
2007-10-29 20:42:11 · answer #4 · answered by The Joe 3 · 0⤊ 1⤋
You don't pay tax on it, but they'd have to file a gift tax return and pay a gift tax.
2007-10-29 22:49:24 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
You or the giver must pay- you are allowed to get $15,000 (I think its up to that now) per year without taxes.
2007-10-29 20:47:20 · answer #6 · answered by professorc 7 · 0⤊ 1⤋
Yes, you do. Gifts are only non-taxable up to 10,000 I think. After that, while not considered "earned" income, it is still income and taxable.
2007-10-29 20:33:58 · answer #7 · answered by Valentinebaby 2 · 1⤊ 2⤋
No! Why should you pay? It is non taxable figures.
2007-10-29 20:35:28 · answer #8 · answered by janila 2 · 0⤊ 1⤋
Gifts are non-taxable.
2007-10-29 20:29:55 · answer #9 · answered by josh m 4 · 1⤊ 1⤋
Hell yes.
2007-10-29 20:29:27 · answer #10 · answered by Kyle B 4 · 0⤊ 2⤋