acmeraven
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A good question. Get IRS Publication 17. An individual can give you up to $11,000.00 in a year and there is no tax implication on that amount. The amount you can receive in a lifetime keeps changing; it used to be 300,000 but has changed. It is now set at $345,800.00 for the year against a lifetime credit of one million dollars. |
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Dr Dee
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yes |
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tsbr1963
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no. people can gift up to $11,500 annually to anyone they please without either of them incurring taxes. Go for it. |
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bjlevine
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If the money was received as a gift, and was NOT intended as a profit making enterprise, then you would not be liable for any taxes on the money.
However, the IRS could always argue that your sole intent here was to create income, and that you actually WORKED at getting this money. Then it would be WAGES, subject not only to income taxes, but self-employment taxes as well. |
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DEATH
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Check with your state website on personal income tax laws for your area, also check with the IRS. |
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nelson_devon
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Yes you have to pay. Contact the IRS. |
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well bowled Harold
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hahahahahahaha !! good one ! ask thetaxman.com |
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ali4sls
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If you live in the USA, straight from the IRS web site:
"If you gave any one person gifts in 2005 that valued at more than $11,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value." |
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ernie_fergler
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It depends on whether you report the income. |
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mz_criztale
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First and foremost asking for money over the internet? Wouldn't that be a form of soliciting? I could understand if someone where trying to raise money for a good cause so that's neither here or there but I'm pretty sure you would have to pay taxes. Anything $600.00 and over. You should call the IRS or your local tax office in order to get the correct answers. Good luck! :o) |
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Rhodes
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Like if 1,000,000 give you a buck, or 10 people give you a hundred thousand bucks......... I mean you still have a Million of those bucks, so what would YOU think the IRS would think? |
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ryidol
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Check and Recheck. |
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cyclist
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What is really interesting to me is all the conflicting tax advice on this site. Just call the source, the IRS toll free at 1-800-829-1040. They will give you the correct answer. |
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