Do I have to pay tax on money given as a gift?

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marverotax
New Member

Do I have to pay tax on money given as a gift?

 
2 Replies
TurboTaxLise
Moderator

Do I have to pay tax on money given as a gift?

Really depends on who is giving you the gift; for example, wife gifts husband $100,000 cash gift there will not be taxed on the $100,000 cash but income earned from the wife could be subjected to the taxes, also If you get from your employer any amount of cash is taxable.

 

bretts99
Returning Member

Do I have to pay tax on money given as a gift?

Similar question, but a bit more complicated.

My boss' company was acquired by another company. He has agreed to pay me a percentage of the total earn out. This is not income, or a bonus, it is simply a boss being a nice guy and profit sharing. Can this be considered gift money?

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