If you get a gift card as an actual gift -- as a present from a family member or friend, say -- then it's not taxable income. You don't have to report it or pay taxes on it. There is such a thing as gift tax, but it's paid by the person giving a gift, not the recipie...
Rewards that are given away as part of new banking account recruitment drives are considered income and can be taxed. If the value of those taxable rewards is more than $600, banks are required to send 1099 tax notices to both the IRS and the rewards recipient.creditcards.com...
Payments Pursuant to a Divorce Settlement:Alimony is not a gift, but rathertaxable incometo the recipient (payee) and a tax-deductible contribution to thepayer. Property transfers within a year of a marriage's termination and related to that termination are deemed pursuant to a divorce decree an...
Charitable contributions allow the donor to lower their tax bill in the year of contribution if made to qualified charities. Crowdfunding campaigns that gather donations for personal use are generally considered personal gifts and are thus not subject to taxes for the recipient. If you gather mo...
Are distributions from a trust taxable to the recipient? When trust beneficiaries receive distributions from the trust's principal balance, they do not have to pay taxes on the distribution. ... The trust must pay taxes on any interest income it holds and does not distribute past year-end. ...
PayPal and other payment processing fees are considered a necessary cost of doing business and can be deducted from your taxable income at the end of the year. While this doesn’t necessarily reduce the cost of using PayPal, some of that loss can be recouped in the form of tax savings. ...
Rather, genuine relationships and emotionally present friendships. Simply by being yourself your gift of presence is enough. Even the most expensive gift can have no meaning if the giver has no emotional connection with the recipient. The smallest gift can have a huge amount of meaning when backe...
aBusiness courtesies are gifts, entertainment or other benefits provided by or to persons or firms with whom PotashCorp maintains or may establish business relationships and for which fair market value is not paid by the recipient. A business courtesy may be a tangible or intangible benefit, inclu...
These hostess gifts are sure to impress even the fanciest entertainers. From practical picks to decorative gems, shop candles, kitchenware, barware, and more.
As per section 112 of the IT Act, taxable long-term capital gains, if any, on sale of listed securities or units or zero coupon bonds which have not suffered Securities transaction tax will be charged to tax at the concessional rat...