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2 Bumps

Anyone know anything about filing taxes?

We received a large amount of money from a relative this past year. $13000...

Now we are filing our taxes and are not sure if we need to claim that money. My husband is using turbo tax and there doesn't seem to be a place to input that info.

Any ideas?

Answer Question
 
SleepingBeautee

Asked by SleepingBeautee at 1:15 AM on Jan. 22, 2011 in Money & Work

Level 45 (192,101 Credits)
Answers (15)
  • Shhhhh!  Bury the money in the basement!  :)  No, I most certainly do not have anything intelligent to add so I'll bump you.  :)

    MrsHouston47302

    Answer by MrsHouston47302 at 1:21 AM on Jan. 22, 2011

  • well of course by law it should be reported! I would err on the side of what MrsHouston47302 suggested though myself........unless of course it was given by check or went through a bank in any way shape or form, which I'm sure it did since that is quite a large sum to give in cash. Basically if there is any sort of paper-trail, you really need to claim it or be prepared for an audit (especially if you made a large purchase last year). They should have an option for a long-form as opposed to a short-form or simple filing, and the long-form is what he should use to claim this gift. hope that helps.
    truthteller0722

    Answer by truthteller0722 at 1:30 AM on Jan. 22, 2011

  • According to www.irs.gov you would not be responsible for any taxes on that money. As it was a gift, it is not counted as income.
    eeyoreplus4

    Answer by eeyoreplus4 at 1:32 AM on Jan. 22, 2011

  • also, another option is to go to your state office building and have them file for you if it's too confusing for him. I have heard the long-forms can be quite confusing but your state's office building will file the forms for free, at least they used to. I used to go there when I was working to get my taxes done, they filed both my state and federal for me free of charge. And the earlier you do it the better, the closer you get to April the longer the lines will be! good luck!
    truthteller0722

    Answer by truthteller0722 at 1:35 AM on Jan. 22, 2011

  • how can that be eeyoreplus4? lottery winnings are not income (they are not earned), but I know they must be reported. I'm not calling you a liar, just confused. and OP never stated it was a gift.
    truthteller0722

    Answer by truthteller0722 at 1:39 AM on Jan. 22, 2011

  • 13,000 per individual or 26,000 per couple doesn't have to be claimed according to my web search
    tortkey

    Answer by tortkey at 2:03 AM on Jan. 22, 2011

  • no only if it was work related
    quetta669

    Answer by quetta669 at 6:19 AM on Jan. 22, 2011

  • For the year 2010, a cash gift could be given without any tax consequence to the donee (the recipient) up to $13,000 or $26,000 per couple. My mom did this for us last year. It will have to be reported but you won't have to pay taxes on it.
    Anonymous

    Answer by Anonymous at 7:01 AM on Jan. 22, 2011

  • Here is a link that might help.  Inheritance is not a gift.  They are two separate things.  But neither one is taxed, federally.  It may be taxed by the state If you have a state income tax, so look into that.  Read the link carefully.


    http://www.ehow.com/facts_5406908_irs-inheritance-tax-information.html

    elizabr

    Answer by elizabr at 8:31 AM on Jan. 22, 2011

  • You can also search for info at the IRS website
    elizabr

    Answer by elizabr at 8:32 AM on Jan. 22, 2011

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