missvickie4
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do i need to pay taxes or claim donations that were given to me
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May 31, 20198:06 PM
last updatedMay 31, 20198:06 PM
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MichaelDC
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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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May 31, 20198:06 PM
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MichaelDC
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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.
May 31, 20198:06 PM
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Rule of 72
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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?
September 11, 20193:07 PM
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xmasbaby0
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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
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
September 11, 20193:13 PM
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tagteam
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Do i need to pay tax on donations that were given to me
@Rule of 72wrote: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.
September 11, 20193:14 PM
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SargentSchultz
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Do i need to pay tax on donations that were given to me
Is there a limit to how much a charity can give me or my family without me having to report it?
June 9, 20216:18 AM
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xmasbaby0
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Do i need to pay tax on donations that were given to me
@SargentSchultzMoney 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
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
June 9, 20217:03 AM
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SargentSchultz
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Do i need to pay tax on donations that were given to me
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?
June 9, 20217:26 AM
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tagteam
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Do i need to pay tax on donations that were given to me
@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?
June 9, 20217:47 AM
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SargentSchultz
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Do i need to pay tax on donations that were given to me
disabled vet from a charity the helps disabled vets They gave me cash to help w bills
June 9, 20217:58 AM
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tagteam
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Do i need to pay tax on donations that were given to me
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.
June 9, 20218:10 AM
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