Taxable Income
September 13th, 2008
Question: How do I know if my gift is taxable income?
I have received a sum of money from a family member. It is a gift. Is it taxable income? If so... does it change my tax bracket?
Answer: It really depends on who's giving it to you. If this is an inheritance, you can be taxed on that income and it won't change your AGI. If this is a gift, it may be subject to a gift tax. I'd consult a financial advisor regarding the tax treatment as well as ways you can shelter your money from the government.
Good luck.
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New ND ``EZ'' income tax form debuts
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What is taxed in the Code?
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