well there was a certain trader who fell through and when i said he was a douche bag and then he got banned he said he was gonna screw me over on trainn.. never happend..
now he says hes gonna tell his dad (who supposedly works for the IRS) that im not reporting my gifts
i HIGHLY doubt this...
but it did get me thinking... do we need to report our gifts?
Admin
11-11-2005 23:37:24
technically yes. in practice, probably doesn't matter.
pretty ridiculous when our government wants money from somthing we are getting for free
Yea, that is complete BS if u ask me.
[quoteacd12c14af="jan"]Yea, that is complete BS if u ask me.[/quoteacd12c14af]
I dont believe anyone did ask you.. lemme check..
nope.. no one did
FreeOffersNow
12-11-2005 01:11:07
If the company giving you the gift has a Tax ID, and is reporting the gift, I don't think you have to report it as income as long as its value is under some amount which escapes my memory. No double taxation. Not sure, though. I, of course, being the model citizen that I am...report any and all income come tax time ;)
KeithA
12-11-2005 04:02:19
[quotebcc48f4435="FreeOffersNow"]If the company giving you the gift has a Tax ID, and is reporting the gift, I don't think you have to report it as income as long as its value is under some amount which escapes my memory. No double taxation. Not sure, though. I, of course, being the model citizen that I am...report any and all income come tax time ;)[/quotebcc48f4435]
If I recall, the minimum you have to report is $600. Hence the tax form Freepay sends when you order a PC, the value of which exceeds $600.
I actually had one of my contract employers tell me last year that I didn't need to report my income from them unless I had earned at least $600 cumulatively. (I started working with them in December 2004, so I had only made a few hundred bucks by year-end.) I was pretty skeptical, but their tax manager seemed pretty confident in herself...
tracemhunter
12-11-2005 04:08:25
[quote0ff855ba24="FreeOffersNow"]No double taxation.[/quote0ff855ba24]
ehh, it happens every time a company sends out dividends.
from what i have been told you can accept a gift no larger than 9999.99 per year before it is taxed or something. something along those lines.
Archon810
12-11-2005 05:05:22
it's 11,000 for the gift.