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...
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...
not the recipient. According to the IRS, the donor is generally responsible for paying a gift tax when money or property is passed to another individual. No matter how lavish, your wedding gifts are not considered to be income by the IRS and won’t increase your tax obligation. ...
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...
Moreover, “a gift is none the less a gift because inspired by gratitude for past faithful service of the recipient. . . .” Manifestly, these payments to [the pastor] were non-taxable gifts, within the orbit of the rule defining same, as enunciated by this court in [ano...
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 m...
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. ...
“It may take some additional time and resources to rent and manage the property, but you will be left with an asset that will do well during a high inflationary period and give you another source of income you can use to reinvest or cove...
As the holiday season approaches, many parents and family members are searching for the perfect gift for the kids in their lives. Gift cards can be a great option, as they allow the recipient to choose their own gift and can be used at a... ...
Now that the holidays are behind us, you're probably done shopping for the year. And if you have gifts that you or a recipient didn't want or need, it's important to know what the big retailers' return policies are in case you need to make a return....