Taxes on Personal GiftsThe article presents an answer to a question on whether a Catholic priest can avoid paying income tax on a taxable portion of a personal gift he has received by donating it to charity.LENELL, WAYN...
Facebook Twitter Google Share on Facebook Money Gift (redirected fromMoney Gifts) Cashor acash equivalentthat an individual transfers to another individual while neither receiving nor expecting anything in return. As with all gifts, a money gift istaxablein the United States, but only if itsvalue...
clauseshall be considered ashaving beenreceived byhim onbehalf of the Companyand shall constitute a debt from himto the Companyso that the Company (without prejudice to any other rights it may haveagainst the Director in respect thereof) shall have aright to recoverthe same from him byaction ...
Of course, opening presents on Christmas morning was fun and exciting, but it didn’t take long before I had completely forgotten most of what I had received. This was true as a child and as an adult. Was I alone? Hardly. Research supported my own experience. It taught...
the date of delivery if there are no restrictions on the time or manner of payment and the check is honored when presented. Thus, a donor will get a deduction on a 2017 income tax return for a check mailed on Dec. 31, even though it isn’t received by the charity until January 2018...
Not sure what state you live in or what the property rights and gift laws are, but in my community property state of Texas a gift — even to a married person — remains the separate property of that donee (the person who received the gift from the donor) as long as they keep it seg...
Customers who receive a bonus or gift might need to pay income taxes on the amounts received, which may be considered taxable interest or miscellaneous income. Financial institutions that pay bonuses are probably required to report them under IRC Section 6041 or Section 6049....
I've received conflicting views - from friends rather than experts - on whether this is in any way taxable. Can you shed any light?LS, LondonYou don't have to pay income tax on gifts, so the only tax you need worry about is inheritance tax. The chances are that there won't be ...