What is the maximum amount of money a person can give or receive without reporting it to the IRS?

Answer 1

That depends upon what you are talking about.

If you are given a bona-fide gift, it's tax free to you. You do not report it and do not pay any taxes. You could receive billions and it would be totally tax free to you.

If you are giving a gift, your limit is $12,000 per year, per recipient without filing a Gift Tax return. You can give $12,000 each to an unlimited number of recipients without having to file. If you give more than $12,000 to any one recipient you must file a Gift Tax return. You also get a $1,000,000 lifetime exclusion that will eliminate most taxes but once you exceed that the Gift Tax rate starts at 46%. That $1,000,000 exclusion also reduces your estate's exclusion dollar for dollar when you pass so giving lots of gifts in your lifetime can cost your estate dearly once you're gone.

If you have income from self-employment, you must file a return if you receive more than $400 in any tax year. It does NOT matter whether you get a Form 1099 or not, it's all reportable and taxable.

If you have more than $850 in unearned income such as interest, dividents, rents and royalties, etc. you must file.

For wages from employment it depends upon your filing status, age, and dependency status. If you're a Single taxpayer under age 66 and not the dependent of another taxpayer then you must file if your income exceeds $8,750 in 2007. See IRS Pub 501 for a full discussion on that.

Answer 2

If you receive the gift from a foreign person or foreign trust, the recipient fills out the gift form 3520.

If you receive a gift from a US person, you only report the income it generated. (Cash is the easiest. Non-cash items like stock are more problematic, see IRS publication 551.)

If you give money, you have to look at the amount of the gift. Cash gifts of $12k or less generally don't get reported. Non-cash gifts that are "future interest" must be reported, regardless of amount.

Non-gifts, FINCEN and 1099-Misc forms....

Answer 3

You can give a gift of up to $12,000 to any one person in any one year without having to report it to the IRS.

If you receive a gift, you don't report it or pay tax on it no matter how much it is.

Answer 4

if you make $600 or more as a subcontractor/non-employee for one company in a calendar year, the payor is required to issue you a 1099 at the end of the year and reports the amount paid to you to the IRS

Answer 5

If it is a gift then 10,000. If you are a household employee, you're required to report more than 1400 of pay received. If you're a waiter, you must report 10% of your tips. It just depends.

Answer 6

Cash transactions of $10,000 or more have to be reported.