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Level 1

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

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

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Level 1

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

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.


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Level 1

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

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.


Level 2

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

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

Level 11

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

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-...

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Level 20

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


@Rule of 72 wrote:

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


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.