This entry was posted on Friday, December 18th, 2009, 9:20 pm and is filed under Credit Cards.
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You don’t say what country, but in U.S. there are no reporting requirements for a gift from/to any person unless it is over $12,000/year. If more than that, it has to be reported, but no tax is due unless it exceeds a $1 million lifetime exclusion. If there is any tax due, it is due from the gift giver.
For other countries, check with whoever collects income tax.
#1 by Grrrr… - December 21st, 2009 at 18:49
why would you pay income tax on a paid bill? he’s not paying you, so it’s not income.
#2 by Reaper - December 22nd, 2009 at 23:53
What? Of course not!
Even if he’s giving you the money directly as an income!
How would they find out? They won’t!
#3 by ? - December 23rd, 2009 at 23:11
You don’t say what country, but in U.S. there are no reporting requirements for a gift from/to any person unless it is over $12,000/year. If more than that, it has to be reported, but no tax is due unless it exceeds a $1 million lifetime exclusion. If there is any tax due, it is due from the gift giver.
For other countries, check with whoever collects income tax.