Gifts are never taxable to the donee, but it might be for
the donor. If the money is paid for working, Of course it is
taxable.

Missy Doyle

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"lamplighter" <lampmuz[at]msn.com> wrote

- quote -

Not for income tax purposes.

- quote -

If the amount gifted is greater than $11,000 to a single
individual, then the person making the gift will need to
file a gift tax return.

The person receiving the gift doesn't pay anything.

- quote -

It's possible given the right circumstances.

- quote -

Gift tax returns may need to be filed, and it's possible
that gift tax would be due.

--
Paul A. Thomas, CPA
Athens, Georgia

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Are monetary gifts from parents to children considered
taxable? If so, is there a threshold amount that must be
reached before tax liability is reached? If these payments
are made in exchange for work performed are they considered
wages? What about gifts from the savings of retired parents
who have already paid tax on the money or no longer required
to file returns?

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