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Financial Planning / Tax Strategies
|Subject: Re: Question about windfall for bus monitor||Date: 7/1/2012 2:20 AM|
|Author: TMFPMarti||Number: 116372 of 121324|
I was wondering...does she have to pay any taxes on the money that has been donated to her?
There's an interesting ongoing discussion of this very issue on misc.taxes.moderated, which you can access through Google groups if your ISP doesn't have a Usenet feed. I've pretty well settled into the "these are gifts" camp, and as we all know, gifts aren't taxable income to the recipient.
But what if they aren't considered gifts? And what determines whether they are? Well, it's our old friend facts and circumstances. (Yeah, there's a Supreme Court case for that.)
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