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 Tax rebate???
If you file with Turbo tax and have the refund put in your checking account will you be issued a check for the rebate or direct deposited? Turbo tax has it deposited in their account then they take ...


 Really need some advice on Capital Gains Tax on the sale of a second property, can you help??
Before I married my wife she lived in her own little house that she brought fora humble £97000 in 2001. She moved in with me in 2003 but didn't want to sell the house incase things didn't ...


 Where is my stimulus check- used direct deposit ssn# 92 and nothing yet. i should of received it by may!?
im wondering if im the only one whos stimulus check is wayyyyy behind! its june 30th and I have not yet received it, I filed early and used direct deposit- the scheduled payment should of been ...


 What is your opinion of raising taxes on ........?
what do you think about raising taxes on cigaretts, alcohol, and luxury items? are you pro or con and why?
Additional Details
you keep mentioning sin taxes
what do you mean?...


 What would you prefer your taxes spent on, defense or social programs?
...


 Tax question?
If I earn £22991 for the fist 5 months of the financial year then I swith to £16000 for the remainer of the year will i have paid too much tax?...


 Filing taxes with efile?
do you know once you file taxes on efile how long it takes to get. i though i heard no more than 6 weeks compared to the tradional 8 weeks tks ...


 Where's my tax rebate?
ok my last 2 digits of my social are 40. i was suppose to get it yesterday the ninth ( according to cnn news)

so where is it at now?

a day passed and i havent gotten it yet.
...


 I Lost It!!!?
I need to know what I can do, I lost my federal tax return form for 2006 and now I need it, a friend of mine did my taxes for me and showed me how but he doesn't have a copy of it...is there any ...


 Can anyone calculate what my tax return would be or how much I would owe?
year to date i have made 22,358. My federal deduction is 1,948.01 and my state is 811.09. Can anyone calculate what my refund would be or what I would owe. I have no kids and im not a home owner. i ...


 What does a tax preparer do for me?
I usually do my taxes myself. But now that I am maried, husband is military and I have a mary kay buisness(that is not doing too well) I need someone to help. I have all this paperwork and receipts ...


 How to add tax to total cost?
I need to add 6.5% sales tax onto $54.00....


 Can i claim a child as a dependent that is not mine?
my girlfriend has a child and i took care of her most of the year, however the child does not have a social security number i want to know if i can still put her on my taxes as a dependent or not,if ...


 Do you pay income taxes? why?
http://www.youtube.com/w http://www.26thofjuly.co
Join the fight! Learn YOUR freedoms! Refuse payment of the income taxes as it is UNCONSTITUTIONAL! Personally I ...


 I have discovered that someone is filing taxes with my social security number how can i notify the IRS?
...


 I need to know how much taxes will be taken out of every paycheck how do i find this information?
...


 Is an employer allowed to lend money to an employee?
I'm waiting for a mortgage to come through and will need a couple more days to get the money. I am willing to pay a couple of days interest at official rates but just wondered if it was ...


 When someone gets Social Security, is the money taxed by the government?
Isn't that money getting taxed twice if it is?...


 I have recd 2 outstanding council tax bills for 2003 & 2004, req £2100 within 14 days am i liable to pay?
I have moved and forgot about these bills, I have just received them today, saying I have to pay £2100 in full within 14 days is this true?...


 My husband claims zero, we are married filing jointly and I do not work can he claim me as a dependent?
We have a son that we know we can claim but what about me? I am a stay at home mom and I do "depend" on my husband. He claims zero every year. He does that work?...



Josh F
If my family members give me $1500 a month, and I deposit it into the bank, do I have to pay taxes on it?
                     
 




Lee W.
Rating
Maybe. You would need to provide more details on the situation.

For example, if they claim you as a dependant and this money is going toward your room and board while going to college, you wouldn't need to pay taxes on it.

However, if you are emancipated (they don't claim you as a deendant on their taxes), then they can gift you up to $10,000 without you paying income tax on it. However, any amount above that is taxable as is the interest you received on the money from the bank. If you didn't make much money for the year, you may find that the stanard deduction would cover that amount and you may owe nothing.

That said, consult a qualified tax professional before filing if you are unsure. I haven't dealt with this in years and the rules may be different.


ninasgramma
Rating
Why are you receiving these monthly payments? Only then can it be determined if you have income or not from these payments. Perhaps it is alimony, payments on a loan, or wages, which are fully or partly taxable. Perhaps you are a dependent student and your family is sending you support, which is not taxable.

Any earnings from these payments are taxable.


lucky
Rating
no


audrey_halley2004
Rating
you will have pay tax on the interest from that money.


May I help You?
Rating
Is it earned income? Is it for your living expenses while you go to school?

www.IRS.gov
forms, schedules and instructions

Since you are able to receive the money, you need to learn about the laws, and that's in the instructions.
There you may find out what it says about INCOME - from various sources.

GOD bless America, always
CPA -retired


LIZAMAE
NO, NOT UNLESS THEY ARE GOING TO CLAIM THE MONEY THEY GAVE YOU.THIS SHOULDN'T HAPPEN UNLESS YOU WORK FOR THEM.


21FRANK D
Your folks will have a gift tax, but at the end of the year, you'll have to declare the interest on the money in your account.


hazel2nuts
Rating
yes you do


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