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02-04-2009, 09:29 PM
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 Re: Advice on reporting cash gift ataxquestion[at]yahoo.com wrote: - quote - > Say someone got a cash gift of say $1000 in 2006, $4000 in 2007 and
Normally gifts are not deductible by the giver and are not taxable to> didn't report it, unaware they were supposed to treat it as income. > Now they're concerned this could come back on them and wants to amend > their return for those years. the reciever. On the other hand if it appears to be a gift but is really related to business or supplying services, it will be taxable. For example tipping the wait staff in restaurants. It's completely voluntary so it seems like a gift. But it is related to performing work, so it's taxable. - quote - > What do you see as the realistic up side & down side of just
If it's a real gift, you don't have to do anything. If it's not, be> forgetting about it and not doing anything about it? careful. Stu -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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