Is gifted money for my grad school taxable?
purpleduck16 asked:
I was the recipient of a random act of kindness from a stranger who donated $2500 to my paypal account for use for school tuition. I tracked the person down and the donation & person is legit. It’s such a large sum so I worried when I go to taxes next year… do I claim it? and how?
I was the recipient of a random act of kindness from a stranger who donated $2500 to my paypal account for use for school tuition. I tracked the person down and the donation & person is legit. It’s such a large sum so I worried when I go to taxes next year… do I claim it? and how?
*if I had an accountant I’d ask them but I don’t know any who work for free.
bergqvistk
April 5th, 2008 at 2:23 pm
actually if u can show the proofs that ,that amount was a donations
then no chances of tax
April 8th, 2008 at 12:14 am
You can walk into an H&R Block office and they will answer your questions for free. You don’t have to declare a gift.
April 10th, 2008 at 2:48 pm
Amazing…..
But no, since it was a gift, you don’t pay taxes on it, and don’t show it on your tax return if you file one.