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#3
07-13-2003, 07:48 AM
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 Re: Is this gift taxable? Scott <dkf747[at]yahoo.comt> wrote: - quote - > I received a modified van because I am disabled. It was
Assuming you did not perform any services for the church,> given to me by a church. It is a '99 Caravan, worth > $23,000, with all the modifications. I just want to be sure > if it must be reported somehow on my federal tax return? the van is a tax-free gift. There is nothing to report. Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
07-13-2003, 07:48 AM
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| Re: Is this gift taxable? Scott asked: - quote - > I received a modified van because I am
Gifts you receive are not taxable.> disabled. It was given to me by a church. It is > a '99 Caravan, worth $23,000, with all the > modifications. I just want to be sure if it must > be reported somehow on my federal tax > return? Quoting Pub 17, "Gifts and Inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income." Only income produced by a gift (such as dividends from gifted stock) would qualify as taxable income. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-13-2003, 07:48 AM
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| Re: Is this gift taxable? scott <dkf747[at]yahoo.comt> wrote: - quote - > I received a modified van because I am disabled. It was
Gifts to you are not taxable. Enjoy the van.> given to me by a church. It is a '99 Caravan, worth > $23,000, with all the modifications. I just want to be sure > if it must be reported somehow on my federal tax return? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-13-2003, 07:29 AM
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| Re: Is this gift taxable? "scott" <dkf747[at]yahoo.comt> wrote: - quote - > I received a modified van because I am disabled. It was
Gifts are not income and never reportable to the recipient.> given to me by a church. It is a '99 Caravan, worth > $23,000, with all the modifications. I just want to be sure > if it must be reported somehow on my federal tax return? -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-12-2003, 08:48 AM
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| Is this gift taxable? I received a modified van because I am disabled. It was given to me by a church. It is a '99 Caravan, worth $23,000, with all the modifications. I just want to be sure if it must be reported somehow on my federal tax return? Scott << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| gift, taxable |
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