I am single, 48 years old and a full time student. If my mother and my significant other opt to give me $1000.00 a month for support, do I have to claim this as income since they have already claimed it as part of their income?Some clarification is needed. Do they both give you $1000 per month or do they give you a total of $1000 per month? If they each give you $1000 per month, they would have to file gift tax returns since it is in excess of the $10,000 limit per year. If they give you $500, then no gift tax return is required. In either case, you would not report it as income.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<