 I am receiving disability. Will I have problems with Uncle Sam because my live in boyfriend gives me money? |
Is this money considered income?
Additional Details
I applied for ss disability. Currently, I am on workmans comp.... |
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 How do you pay taxes if you are self employed? |
I usually claim exempt for the first 6 months.
Additional Details
I am considered self employed. I work for an employer, but I am responsible for paying taxes.... |
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 Tax return check..? |
So i've heard that the gov't will be sending checks out for people so the country doesn't go into recession... or something like that..
i'm sure this question has been ... |
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 Will the IRS accept my return on Jan. 14? |
I am not affected by any of the forms that are included in the delay of processing tax returns (Form 8863, Education Credits
Form 5695, Residential Energy Credits
Schedule 2, Form 1040A, C... |
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 My mom is my child care provider can i claim the child tax credit? |
| Both of my kids go to school in the morning and get out at 11:00, my mom then picks them up and cares for them and I give her some money in return, can I claim that in my taxes as child care? And if ... |
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 I hate my Mom need help with federal income tax ? |
| I claimed my little brother John and sister Linda for the past 2 years that I have been doing my taxes. This year some dude in San Diego offered my Mom 1,000 dollars if she was to let them claim John ... |
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 Do I put both jobs on my W-2? |
| I worked two jobs during the year. A tanning salon and where I currently work a hair salon. I made 8,186.00 at the hair salon and 2,001.01 at the tanning salon. Do I do two separate W-2 forms or does ... |
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 Should I use H&R block for my taxes? Will I get a check the same day? |
| Never used them before...going on vacation feb 2nd..need it asap..... |
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 When am i supposed to get the w2 form? |
| well i live in los angeles and my dad already got his w2 form but i havent gotten mine... how much longer should i wait?! god i need that money!... |
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 My previous employer didnt send me my W-2? |
| i have 2 previous employers(fridays, javas)whom i did not get my W-2 from. is there a way to report to the IRS and have them make them send me my forms? i dont want to call Java's up, but i ... |
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 Is this illegal? this is regarding taxes!? |
| okay my brothers friend hasnt worked in 2 years and he manages to brag about how he gets 3,000 for filing taxes.He showed us the taxcheck last year.He tells the tax preparer hes a selfemployed barber ... |
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 Should my boyfriend and I file taxes together and claim both of my kids? |
| My boyfriend and I had a son last May and I have a 10 year old daughter from a previous relationship. How should we file to get the largest return? Joint filing claiming both children, or should we ... |
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 Can someone go to jail for not filing taxes with the IRS? |
The only income received was from a regular job where taxes were deducted through payroll deductions.
Additional Details
Have not filed for 6 years and the only income received was from ... |
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| Can you claim your 2006 taxes that the govt took for student loans on your 2007 return as a deduction? |
| I had defaulted student loans in 2006 so the govt took my whole refund in order to help pay off my student loans. Well my loans are no longer in default and I know there's a place for student ... |
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matador | I borrowed $80,000 from my house and gave my son half. Do I have to pay taxes on the money I gave him? |
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PepsiLime
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No, you don't have to pay taxes on the money that you gave him, but you will have to file a gift tax return. You can give up to $12,000 per person per year with no tax consequences. If you exceed that amount you have to file a gift tax return, but you do have a $1,000,000 lifetime exclusion that you can apply the excess above the $12,000 to (in this case $28,000 if you did indeed give him half of the $80,000). |
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Judy1
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Loan proceeds aren't taxable to you. But if you gave your son $40,000 you'll have to file a gift tax return showing that. You won't necessarily owe any gift taxes as long as you haven't given gifts totalling over $1 million in your lifetime. |
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ninasgramma
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Did you give your son a gift of the money, or was it repayment of a loan? Or, was the money a loan to your son?
If it is a loan to your son, it is not a taxable event. When you are repaid, the interest on the loan is taxable in come to you. You must include some interest on the loan, it cannot be interest-free for this much money.
If it is a repayment of a loan, it is not a taxable event to you.
If you gave it as a gift, you must file Form 709 and report the gift. Your lifetime exclusion of $1 million for your gift and estate taxes will be reduced by the amount of your gift. No taxes will be owed until the exclusion is used up.
Form 709 is filed separate from your tax return but is due on the same day as your tax return.
Your state may also require you to file a gift tax return. |
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cliff1224
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Look its simple, you took out an equity loan on your house. You can do what ever you want with the money. After all you are paying the loan back. Its not income, its a loan. |
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J&C H
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Why would you pay taxes on borrowed money? |
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Boomrat
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Don't tell anyone you gave the money as a gift. It is a loan, now if he pays you back or not that is between you and him. Never ever tell people what you are doing with your money. |
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perfectlybaked
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Yes, or have him pay the taxes since it's in his hand. As far as the government knows, the money went somewhere, and they consider that you have it. |
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Dr. Deth
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yes - you're entitled to give 12,000 gift to each person each year - if you are married - you can jointly give 24000 to each person each year - you'll have to pay gift taxes on the excess |
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