My sister sent me some money to distribute for her. I distributed all but a small portion of it. How much of it do i have to claim as income.
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@haroldHLKH3023 - It depends. What was the reason you received the money? Did you work for her? Did you receive a W-2 or Form 1099 from her designating it as income? Did she specify how much and to whom to distribute the money? You have not provided enough information to answer your question.
Generally, you must include in gross income everything you receive in payment for personal services. In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options.
Use the link below for more information:
What to Include as Taxable and Non-Taxable Income
There was no fee paid. My sister wanted to gift her nieces and nephews some money and she sent me a check and I sent out the money as she instructed. I was just helping her because of her health issues. I did not think of the tax implications for me.
@haroldHLKH3023 wrote:
There was no fee paid. My sister wanted to gift her nieces and nephews some money and she sent me a check and I sent out the money as she instructed. I was just helping her because of her health issues. I did not think of the tax implications for me.
Was the gift given to one or more individuals over $15,000?
No
@haroldHLKH3023 wrote:
No
Then this will have no impact on you. You do not report a gift given on a tax return if the amount of the gift is not more than $15,000.
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