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luckydiscovery77 | If you receive a large amount of money, will you still be taxed if you give it away? |
If you receive a large sum amount and decided to give it away to a family member/wife/husband/close relative, will you still be taxed for having received that amount?
Additional Details
I guess more information is needed: I cashed out my retirement account and decided to give some away to family. Will they and I be taxed? |
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bostonianinmo
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Nobody has given you a very good answer so far, including a couple who should know better!
Where did the money come from in the first place?? If it was a bona fide gift to you you will NOT pay ANY tax on it. Gifts are NEVER taxable to the recipient.
If it was money that you earned, ordinary dividends, interest, a prize, gambling winnings, or most settlements other than for physical illness or injury or ones that simply make you whole again then it's fully taxable as ordinary income. If it's from capital gains the tax will depend upon how long you held the asset and how much of what you received is gain. If it's qualified dividends it's taxable as long-term capital gains. If it's gain from the sale of your home it might not be taxable at all, depending upon the circumstances. This just scratches the surface of all of the possibilities so as you can see it's not possible to say from the lack of information given if any tax will be due.
As to giving it away, again it depends. You can deduct donations to registered 501(c)3 charities, but it's limited to 50% of your Adjusted Gross Income in any one year. However if you give it to anyone else but a spouse you may have to file a Gift Tax return and possibly pay a Gift Tax on the gift. Gift Taxes are always paid by the donor, never the recipient.
As you can see, there's no way to answer your question correctly. Provide full details on where the money came from, how much, and where it went and how much and you can get a more accurate answer. |
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v b
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These are two different things.
If the money you receive is income, you report it on your taxes.
You get no deductions for gifts.
if you gift more than $12,000 to more than one person, you have to file a gift tax return. If your total lifetime taxable gifts are less than $1,000,000 you won't actually owe any gift tax. |
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acmeraven
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Depends on how you received it and circumstances surrounding said receipt. Insufficient data to formulate intelligent answer. |
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Judy1
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Depends on why the money was received - giving it away to a family member doesn't change its taxability. You'd owe whatever tax you would have owed if you had kept the money. If it wasn't a Roth, you'll owe regular income tax on the total withdrawn, plus a 10% penalty if you are under age 59-1/2.
The people receiving the gift won't be taxed. You might have to file a gift tax return, though. |
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quizzard123
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Of course. Its no different than your wages. You pay tax on salary, and after that you can spend it, give it away or burn it, it makes no difference.
So if you give away part of your windfall, make sure you allow for any taxes due first.
Also, any recipient can also face gift taxes, if the amount is extremely large. |
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Sjean
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Yes. |
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Jack of Trades
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Well SOMEBODY has to pay the taxes! The idea of giving them a 1099 with the gift seems creapy. Just keep one third of the money to pay YOUR tax bill and give them the other two thirds in small amounts. Banks have to report any transaction over 10K. If you are talking LARGE amounts then you should have your own financial advisor. |
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Karl P
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Yes, even if you are donating to a registered charity there are limits to the deduction you can take for charitable giving.
A gift to a family member is considered a zero-interest loan and you cannot deduct that gift from your taxes at all. You will have to pay full taxes for the money you receive. |
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waltcosmos
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if its an award from a court case, it isn't taxed. If it's an inheritance under a million dollars, it isn't taxed. if it's gambling winnings, try to get them to wire it to an offshore account.
Suppose you have $100,000 in the bank and I give you $10,000. The irs says you owe them 40% of the $10,000. Then you give ME $10,000. The irs now says I owe THEM 40%. We can continue giving each other 10,000 dollars without any real change in our net worth...but the irs has stolen virtually EVERYTHING we had.
And they think they're HELPING America by destroying it. Fking aashols. |
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Pam H
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Yes. And then they get taxes also. But if you give them a 1099 you can deduct that portion from your lump sum and will be taxes only on the balance remaining. |
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