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Started By
Message
Christmas money gift question
Posted on 12/21/14 at 7:21 am
Posted on 12/21/14 at 7:21 am
Say I receive a $1,000 check as a Christmas present. Do I have to pay taxes on it? If, so what percentage?
4
Posted on 12/21/14 at 7:39 am to TechDawg2007
No
Posted on 12/21/14 at 10:31 pm to TechDawg2007
If you get $1,000 checks as Christmas presents then you are pretty much bullet proof.
Posted on 12/21/14 at 11:51 pm to TechDawg2007
No.
Posted on 12/22/14 at 3:38 pm to Garfield
quote:
If you get $1,000 checks as Christmas presents then you are pretty much bullet proof.
What if you get a $2,000 Christmas check?
Posted on 12/22/14 at 3:51 pm to TheWiz
quote:
What if you get a $2,000 Christmas check?
Gifts are NEVER taxable to the recipient. (well, never under current tax law).
Depending on the size of the gift there might be some consequences to the person giving the gift.
Posted on 12/22/14 at 3:53 pm to LSUFanHouston
quote:
Gifts are NEVER taxable to the recipient
I know I don't have to pay taxes on it. I was just messing with the poster that said $1,000 Christmas checks made the dude bulletproof.
Posted on 12/22/14 at 9:08 pm to TheWiz
I think you can receive gifts of up to $25,000 before taxes have to be paid
Posted on 12/23/14 at 7:02 am to Geauxdaddy88
That is completely incorrect.
Posted on 12/23/14 at 7:09 am to krehn11
Each individual can gift 14000 to an individual per year
Posted on 12/23/14 at 7:15 am to Geauxdaddy88
quote:Thank you for sharing your tax knowledge with us, Sec. Geithner.
I think you can receive gifts of up to $25,000 before taxes have to be paid
This post was edited on 12/23/14 at 7:32 am
Posted on 12/23/14 at 3:40 pm to krehn11
quote:
Each individual can gift 14000 to an individual per year
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014 and 2015 is $14,000.
IRS FAQ
Posted on 12/23/14 at 6:06 pm to Fat Man
You can accelerate this gift of $14k/yr and gift up to somewhere in the millions to 1 individual person over the course of your lifetime. If you gift more than 14k in a year than the giftor must file a gift tax return that will deduct that amount from their lifetime gifting limits.
Posted on 12/23/14 at 6:33 pm to Shepherd88
Sorry I was off a bit there. We get $25,000/yr from in laws but it's split evenly from both parents. I thought they kept it at $25,000 bc of taxes. Maybe just a little cushion in case of a rainy day.
Posted on 12/23/14 at 6:57 pm to TechDawg2007
quote:You're in good shape and don't need to pay taxes. On the other hand, if you are the Money Talk poster who was complaining about the injustice of his six-figure bonus, you would need to pay taxes on that.
Say I receive a $1,000 check as a Christmas present. Do I have to pay taxes on it? If, so what percentage?
Posted on 12/24/14 at 8:33 am to Geauxdaddy88
quote:
We get $25,000/yr from in laws but it's split evenly from both parents.
Gentlemen,
We're amongst the OT-Ballers.
I thought we were getting a large gift every year of $2k each.
Posted on 12/24/14 at 8:37 am to Geauxdaddy88
quote:
Sorry I was off a bit there. We get $25,000/yr from in laws but it's split evenly from both parents. I thought they kept it at $25,000 bc of taxes. Maybe just a little cushion in case of a rainy day.
if they are giving to both of you it could be $56k since both of you could be $14K from each of them, you should talk to them about that and tell them to bump it up.
Posted on 12/24/14 at 10:47 am to Hermit Crab
Hermit Crab is spot on.
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