Are money transfers taxable?

Answer Money transfers are considered monetary gifts by the IRS, unless you are paying for services, and are therefore taxable. The donor normally pays the tax. Exceptions to this rule include money trans... Read More »

Top Q&A For: Are money transfers taxable

About International System of Money Transfers?

Money can be transferred from one bank account to another bank account in a different country through an international transfer. However, the two banks must be able to send and receive financial me... Read More »

Is scholarship money taxable?

If you are not a candidate for a degree, the entire amount is taxable. If you are a candidate for a degree, parts of the scholarship used for tuition, books, supplies and equipment are not taxable.... Read More »

Is settlement money taxable?

Settlement money, such as an insurance settlement, is taxable unless it is received for a physical injury or illness resulting from a wrongful act, according to Therefore, a settl... Read More »

Is money received on a Roth IRA taxable?

Qualified withdrawals--those taken when you are at least 59 1/2 and the Roth IRA has been open for at least five tax years--from a Roth IRA are not taxable. Early withdrawals of contributions are a... Read More »