How do the taxes work on the under 10k bar mitzvah money I’ll finally be getting?
So after 10 years I’m finally getting that bar mitzvah money. It’s under 10k (I know the IRS specially looks into anything over 10k).
How will my taxes or anything be affected because of this? Whether I do or don’t have a job (current employment) does that matter?
- STEVEN FLv 72 months ago
EVERYTHING you claim to know here is FALSE.
- ?Lv 72 months ago
No tax action on gifts. IRS will just confirm it is a gift (as opposed to drug or terrorist money).
- mercedesLv 72 months ago
You keep all the money. It is not taxes.
- StephenWeinsteinLv 72 months ago
There are no taxes on it. Your tax won't be affected. However, since you will have more money, you might qualify for less financial aid if you're still in college/university.
You may have to pay tax on the interest that the money earned after it was given -- but you don't pay taxes on the money that was given.
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- JudyLv 72 months ago
Gifts do not affect your tax