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Subject Author Date
Question about Income source melvin 01-26-2008
Posted by melvin on January 26, 2008, 12:28 pm
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 Hello I have a question for the more knowledgeable folks out there. I
received a check last year (a gift from my father) for $20,000 and want
to claim it as income on my 2007 tax returns (so I can prove I made
more than a certain amount)...how can I do that? What does my father
need to do? Thanks in advance for any help.

Posted by John on January 26, 2008, 3:39 pm
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> Hello I have a question for the more knowledgeable folks out there. I
> received a check last year (a gift from my father) for $20,000 and want
> to claim it as income on my 2007 tax returns (so I can prove I made
> more than a certain amount)...how can I do that? What does my father
> need to do? Thanks in advance for any help.

a gift from you father is not income. if your father paid you for
work and he filed payroll tax forms last year (and paid the employer
payroll taxes last year) and you paid the proper tax withholding last
year that would qualify as income.




Posted by Rocinante on January 26, 2008, 10:16 pm
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On Sat, 26 Jan 2008 09:28:52 -0800, melvin wrote:

> Hello I have a question for the more knowledgeable folks out there. I
> received a check last year (a gift from my father) for $20,000 and want
> to claim it as income on my 2007 tax returns (so I can prove I made
> more than a certain amount)...how can I do that? What does my father
> need to do? Thanks in advance for any help.

Gifts are not included in gross income.

On the other hand, donors of gifts (not recipients) must pay taxes on gifts
over the $12K allowance unless he wants to use the unified tax credit for
gifts and estates. Your dad must disclose this information to his tax
preparer.

--
"Wise men talk because they have something to say. Fools talk because they
have to say something."
-- Plato

RocinanteREMOVETHIS@gmail.com
1/26/2008 10:08:00 PM

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