You'll need to sign in or create an account to connect with an expert.
No, if you were the recipient, you would not have to report or pay tax on the income- it would be considered a gift which is not taxable to the recipient. Just be sure to keep the records of how much you received in case the IRS did ask..
No, if you were the recipient, you would not have to report or pay tax on the income- it would be considered a gift which is not taxable to the recipient. Just be sure to keep the records of how much you received in case the IRS did ask..
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
polo61965
New Member
ddl727
New Member
mamab48
New Member
Small SAAS business
New Member
jeremye-1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.