topic Do i need to pay tax on donations that were given to me in Get your taxes done using TurboTax

Do i need to pay tax on donations that were given to me

missvickie4 — Sat, 01 Jun 2019 03:06:28 GMT

do i need to pay taxes or claim donations that were given to me

No. Gifts or money you received as a present isn’t taxabl...

MichaelDC — Sat, 01 Jun 2019 03:06:30 GMT

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.

Re: No. Gifts or money you received as a present isn’t taxabl...

Rule of 72 — Wed, 11 Sep 2019 22:07:53 GMT

Does the individual need to officially report where these gifts came from?

Re: No. Gifts or money you received as a present isn’t taxabl...

xmasbaby0 — Wed, 11 Sep 2019 22:13:01 GMT

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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Re: No. Gifts or money you received as a present isn’t taxabl...

Anonymous_ — Wed, 11 Sep 2019 22:14:55 GMT

@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.

Re: No. Gifts or money you received as a present isn’t taxabl...

SargentSchultz — Wed, 09 Jun 2021 13:18:59 GMT

Is there a limit to how much a charity can give me or my family without me having to report it?

Re: No. Gifts or money you received as a present isn’t taxabl...

xmasbaby0 — Wed, 09 Jun 2021 14:03:41 GMT

@SargentSchultz Money you received as a gift does not get reported on a tax return.

GIFTS

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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Re: No. Gifts or money you received as a present isn’t taxabl...

SargentSchultz — Wed, 09 Jun 2021 14:26:36 GMT

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?

Re: No. Gifts or money you received as a present isn’t taxabl...

Anonymous_ — Wed, 09 Jun 2021 14:51:20 GMT

@SargentSchultz

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?

Re: No. Gifts or money you received as a present isn’t taxabl...

SargentSchultz — Wed, 09 Jun 2021 14:58:41 GMT

disabled vet from a charity the helps disabled vets They gave me cash to help w bills

Re: No. Gifts or money you received as a present isn’t taxabl...

Anonymous_ — Wed, 09 Jun 2021 15:10:18 GMT

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.