We received about 15,000 in cash gifts over the last year and I am curious as to whether we owe taxes on it. Hubby has an appointment with the people who do our taxes but I am impatient. Also what kind of documentation would we need to provide?
Asked by Anonymous at 9:43 PM on Jan. 4, 2010 in Money & Work
Answer by rkoloms at 7:51 AM on Jan. 5, 2010
Answer by GoodMomma24-7 at 9:49 PM on Jan. 4, 2010
Answer by Christina807 at 10:25 PM on Jan. 4, 2010
Answer by Katt709 at 10:44 PM on Jan. 4, 2010
Answer by ohio4 at 12:18 AM on Jan. 5, 2010
Answer by Anonymous at 1:08 AM on Jan. 5, 2010
Answer by Anonymous at 1:51 PM on Jan. 6, 2010
Anon:51 said -The annual exclusion for 2009 was increased to $13,000, the person who gave you the gift pays the taxes
This is correct - it is the person GIVING the gift that may have to pay GIFT TAX. If what you received was truly a gift and not any form of compensation or sales proceeds then you will not have any tax liability as a result of the gift.
Answer by Anonymous at 5:53 PM on Jan. 6, 2010
Answer by Anonymous at 1:23 PM on Jan. 10, 2010