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02-04-2009, 10:24 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 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. Gifts aren't considered income and are therefore not subject to income tax. -- Paul Thomas, CPA Watkinsville, Georgia -- << ------------------------------------------------------- > << 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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