- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Do I have to pay taxes for money donated to me after a catastrophe?
Topics:
June 16, 2019
12:27 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
True gifts are transfers where the donee (that is you in this instance) transfer nothing in return. In other words, you give nothing to those donating money or property to you.
The person receiving a gift does not pay tax on the value of the gift.
June 16, 2019
12:44 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If these funds were cash gifts from individuals, then you do not report the gifts received on a tax return, regardless of the amount received.
June 16, 2019
12:46 PM