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

[missvickie4]

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

[MichaelDC · Accepted solution]

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.

[Rule of 72]

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

[xmasbaby0]

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-...

[tagteam]

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@Rule of 72 wrote:

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

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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.

[SargentSchultz]

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

[xmasbaby0]

@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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

[SargentSchultz]

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?

[tagteam]

@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?

[SargentSchultz]

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

[tagteam]

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.