- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Do i need to pay tax on donations that were given to me
do i need to pay taxes or claim donations that were given to me
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No. Gifts or money you received as a present isn’t taxable – but you do owe taxes on any income it produces. For example, if you receive bonds as a gift, you must report any interest the bonds earned after you received them.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Does the individual need to officially report where these gifts came from?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@Rule of 72 wrote:
Does the individual need to officially report where these gifts came from?
Donors (the individuals who give the gifts) might need to report the gifts and details.
Donees (the individuals who receive the gifts) do not need to report the gifts.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Is there a limit to how much a charity can give me or my family without me having to report it?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@SargentSchultz Money you received as a gift does not get reported on a tax return.
GIFTS
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
A CPA just told me I have to make sure what I am given is a gift, not an award too? any info on this?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
What was the exact nature of the "gift" and which type of "charity" was the "donor"?
In other words, why did you receive the funds and from whom?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
disabled vet from a charity the helps disabled vets They gave me cash to help w bills
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
That certainly does not appear to be a taxable "award" but rather a gift, particularly if it is from an organization such as the DAV.