If you buy something and then it appreciates, you don't pay tax on the appreciated value until you sell/trade it. But you do pay tax if that something is gifted/awarded to you at the time of the award.
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If you buy something and then it appreciates, you don't pay tax on the appreciated value until you sell/trade it. But you do pay tax if that something is gifted/awarded to you at the time of the award.
Right. I was just trying to get clarification from @sean-king.
One of those statements is wrong while the other is not. I can see him making one of them (the correct one) but the op misunderstanding.
This the asking for clarification.
Not looking to tear anyone down or anything! 🙂
sorry but people dont pay taxes on money people gift to them
if this was teru peopel would be paying taxes on every Borthday and Christmas! Do little kids also have to pay taxes on Cheristmas gifts from Santa?
maybe tahst why anta needs all those elvs to do all the tax paperwork for christmas gifts!
haha sorry but i knwo ur trying to helpo BUT people like u are the ons spreading theentire idea of having to pay taxes, its a social peer pressure situation, we police ourselves
no i mean it! if people refused to obey immoral orders the world would be abetterplace ...if people just stoped paying their taxe sthe IRS would have to just guve up and try raising taxes another way! its true! its up to al of us ! the IRS is NOT some unavoidable computer program like Agent Smith
the IRS is NOt some absolute gold like omniscent omnipresent organization that sees all and know sall, they are a criminal enterprise a mafia and they ue fear and intimidation and violence and they will be stopped and they will be made to heal under Trump and th American people will eventually show the world how we can end the income ytax and generate all revenue on tarrrifs and other sorts of taxes..we coudl also sel federal lands to raise money....we could shrink the federal government and we wouldnt need our icnome tax,
When you are gifted money or even stocks by family or friends (not an employer), then the rule is under about $14k per year you don't have to pay tax or report it. Over $14k you do have to pay tax. You can also have married couples split this up, so your dad could give you $14k and mom give you $14k for $28k total per year with no tax implications.
But, if your mom gives you $20k as a gift on xmas, you have you pay tax on that....or the IRS will come calling. This is not about being moral or immoral...it's about an existing US tax law and do you want to break it or follow it.
https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States