Solved: I received over four grand as a donation but sent four grand back,do I owe any taxes on the 500.00 I kept ?

I received over four grand as a donation but sent four grand back,do I owe any taxes on the 500.00 I kept ?

I received 4500.00 as a donation that was sent to my account, but return 4000.00 do i owe taxes on the money?

posted

The net amount you received is a gift. Gifts are not taxable and are not reported on your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

The net amount you received is a gift. Gifts are not taxable and are not reported on your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I received over four grand as a donation but sent four grand back,do I owe any taxes on the 500.00 I kept ?