Tax and Money

I remember learning in econ back in hs that they (the government I guess) taxes you on money over a certain amount. What is that amount? Is it $10,000 or do you have to file that amount or more if you receive it as a gift?

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Answer #1

Recipient doesn’t report income

Gifts you receive aren’t considered income. It doesn’t matter how large they are. You don’t report them on your income tax return in any way.

http://www.fairmark.com/begin/gifts.htm

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Answer #2

If it’s received as a gift, then you have to file it as such. The downside is that gifts are taxed at a high percentage rate. You don’t want to lie about it, though because then they could double tax it and then you may not have anything to speak of as a “gift” any longer.

If it’s a gift, they’ll tax it at a low amount. I had a $50 gift one time, I didn’t see but $24. My $600 Christmas bonus turned out to be less than $300 after taxes. Gives are taxed to the bone (over 50%). Nothing you can do about it.

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