Re:“Let’s have some fun I’m offering two grants of $5,000 fo...
by JauntTrooper on Wednesday April 05, 2017 @12:22AM
(#14039616)
It's not considered income, and it's not subject to taxes.
If it's above $14,000 in a single year, the giver needs to disclose it to the IRS on their tax return for record keeping purposes, but it doesn't get taxed unless it's cumulatively above $5.49 million over the course of the giver's lifetime.
If it's above $14,000 in a single year, the giver needs to disclose it to the IRS on their tax return for record keeping purposes, but it doesn't get taxed unless it's cumulatively above $5.49 million over the course of the giver's lifetime.