A Gift received is NOT taxable.

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • dyne
    Senior Member
    • Jul 2005
    • 764

    #1

    A Gift received is NOT taxable.

    I stumbled across in irs.gov which seemed to say that generally a gift IS taxable.
    This is WRONG! A gift received is NOT taxable. It must be a true gift of course.
  • powerage
    Senior Member
    • Dec 2008
    • 169

    #2
    agree

    A gift is not taxable. Generally. But who knows anymore.

    That said, are the gifting pyramid schemes taxable income? I think so, though there can be a gray area. If you spend money to get a gift of money, then that makes it a business, correct?

    I see all kinds of stuff surfing traffic exchanges.
    Last edited by powerage; 02-20-2010, 10:30 PM. Reason: spelling
    If I'm wrong, please correct me, because I don't have the tax knowledge y'all have. Cheers!

    admin@badfloridadrivers.com

    Comment

    • dtlee
      Senior Member
      • Oct 2005
      • 807

      #3
      Originally posted by dyne
      I stumbled across in irs.gov which seemed to say that generally a gift IS taxable.
      This is WRONG! A gift received is NOT taxable. It must be a true gift of course.
      Can you share with us where this IRS statement was?
      Doug

      Comment

      • taxea
        Senior Member
        • Nov 2005
        • 4292

        #4
        Found this interesting

        Review on ALS

        --------------------------------------------------------------------------------

        Believe nothing you have not personally researched and verified.

        Comment

        • dyne
          Senior Member
          • Jul 2005
          • 764

          #5
          dtlee: The website is:irs.gov/publications/p950/ar02.html/#en_US_publink100099453
          or IRS Pub 950 wherein it says "The general rule is that a gift is a taxable gift..."
          Perhaps it is explained further but I believe this wording is wrong. We all know
          that a geniune gift is NOT taxable income.

          Comment

          • Snaggletooth
            Senior Member
            • Jun 2005
            • 3314

            #6
            Gift IS Taxable

            The way wording is presented, a gift IS taxable, but it is not taxable INCOME. It is taxable to the donor.

            The gist of making a statement that a gift is GENERALLY taxable, is to first make sure all gifts are included, before listing exceptions.

            Comment

            • dyne
              Senior Member
              • Jul 2005
              • 764

              #7
              Apparently IRS meant that a gift is NOT deductible by the donor, but they worded it
              badly. I agree. We sure do not to have IRS wording comments incorrectly.
              Thanks Snaggletooth!

              Comment

              Working...