General Question

skar138's avatar

how much money can i receive as a gift before i have to claim it as income?

Asked by skar138 (154points) February 20th, 2008
Observing members: 0 Composing members: 0

4 Answers

gailcalled's avatar

Calender year 2008 – $12,000 from one person. If it is $12,001, you have to declare the $1 as income. There is also a one-time lump sum that a person can give away, that will not be considered as part of his/her estate for tax purposes. I think this year it is $1 mil.

Check out the IRS sites for more accurate details. Or maybe some of the
Google experts here can find it. I am going outside to watch the eclipse.

Cardinal's avatar

You can gift an individual 12K per year, each year. Say, when is the eclispe in the NW?

gailcalled's avatar

Eclipse is already starting here in EST. A nice bite out of the moon is visible. You can see it in totality as soon as it is dark enough for moon to be visible. 7:15–7:30 PST. Keep looking.

Charlie's avatar

Find out what money is , then figure out why it would be income if all you got was a Note, and then deside if it is taxable income. Federal Reserve Notes are not income but promises to pay, non-taxable

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