Posts tagged as:

gifts

Ask the taxgirl: Reporting Gifts

28 December 2010

Taxpayer asks: Hello Tax Girl: I am in NY. My father is giving me approximately $25-$30k this year. He will be reporting the payment to the government by sending me a 1099. My question is: Are there any special provisions to keep in mind when I report this on my income tax form or do [...]

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Ask the taxgirl: Gifts in the Workplace

24 December 2010

Taxpayer asks: I own a small business. I was planning on getting my employees a little something for Christmas this year but I heard on TV that they’d be taxed on it. Is that true? taxgirl says: It depends. You see, the IRS tends to believe that, even at the holidays, you aren’t really giving [...]

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Ask the taxgirl: Gifts and Income

3 April 2010

Taxpayer asks: If I received $500 or say $5,000 in anonymous donations for brain surgery because I have no insurance, do I need to report that anywhere or as income? thank you for any help tax girl. Taxgirl says: So long as these are pure gifts – and you didn’t make any representations as to [...]

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Ask the taxgirl: Cancellation of “Debt”

31 May 2009

Taxpayer asks: Two years ago, I gave my son a considerable amount of money so that he could finish graduate school without having to take out any student loans. Last year, he announced that he was “taking a break” from school. Since he was no longer going to school, I asked him to give the [...]

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iPhone, uTax?

29 June 2007

Working at Apple just got a little sweeter, it seems. Apple has announced that it is giving free iPhones to all 18,000 of its employees, at a cost of over $10 million to the company. Each of the models is worth about $600. Cool, right? The new phones are set to be distributed to employees [...]

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