I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.
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I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.
posted
June 4, 20199:41 PM
last updated
June 04, 20199:41 PM
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I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.
If the income received is not for any type of work that you do for your parent's then it is a gift. Gifts received are not reported on a tax return, regardless of the amount received.
I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.
If the income received is not for any type of work that you do for your parent's then it is a gift. Gifts received are not reported on a tax return, regardless of the amount received.
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