$60.00 
Learn more
Submitted By: Anthony
Answered: April 19, 2012 5:00 pm
Answered: April 19, 2012 5:00 pm
I received money from a family member to help with my support because I was sick. Am I taxed on this money?
No. The money you received from your relative appears to be a gift. The recipient of a gift is not taxed on the money, regardless of the size of the gift.
Follow:
Ask JK
Advanced- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
- I sold my residence at a loss. How do I report this on my tax return?
advertisement
Featured Books
Tax Glossary
Child and dependent care credit
A credit of up to 30% based on certain care expenses incurred to allow you to work.
