Do you have to pay income tax on gifts?

Answer A monetary gift is the transfer of money to an individual who gives nothing in return. As of January 1, 2009, the donor is responsible for paying the gift tax if the total amount of money given per... Read More »

Top Q&A For: Do you have to pay income tax on gifts

Is there an income tax on monetary gifts?

The maximum amount an individual can receive in monetary gifts without reporting it to the IRS for taxes is $13,000. indicates that if an individual has received over $1 million of mon... Read More »

Can gifts to a daughter be written off on income tax?

Gifts that qualify to be a tax write-off need to be out-of-pocket charitable contributions. If the gift to your daughter was for a school fundraiser and was over $250, simply keep the receipts and ... Read More »

At what income does a minor have to file an income tax return?

As of the 2009 tax year, if a minor has gross income of more than $9,350, she must file income taxes. Gross income is the total amount of taxable income the child earns during the year. If the mino... Read More »

Do I need to file income taxes if all I have is interest income?

Whether you need to file taxes on interest income alone depends on your filing status, age and dependency status. For 2009, a single taxpayer under age 65 with less than $9,350 in taxable income w... Read More »