My father recently sold his company. I don’t and haven’t worked for his company an any official position. However, as a thank you “bonus” he gave me $100,000 check from the company to myself. How would this be taxed? Would it be considered a gift? How would it affect my tax return?
Donees (recipients of gifts) do not have to report gifts on their federal tax returns but if the gift exceeds the annual exclusion amount ($15,000), then a gift tax return (Form 709) generally is required to be filed by the donor (gift tax is typically not due, however).
You should probably watch out for some sort of tax reporting statement, such as a 1099-MISC, or inquire as to whether you will receive a tax reporting statement, because you would have no choice but to report the payment as income if you receive one.