Do you have to pay tax on money given to you by your parents?

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No, unless the amount is over $500
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If your parent claimed you on their taxes you supported yourself they didn't how do you get them to pay the money they owe?

Answer . Tell them to give you half of the money or you will start doing your own taxes. If you are under 18 yrs of age. then you have no say in the matter you are a kid an

Do police informants pay income tax on money received for information given?

The money is taxable income and should be reported. If it is over $600 they must receive a W-2 and the payor reports it to the IRS. Large amounts paid as part of a TIPS prog

Do you pay taxes on money you receive from a parents life insurance policy?

Generally speaking, life insurance proceeds (death benefits) are received income tax free by policy beneficiaries.. Any subsequent monies that are earned through investment o

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There is no special tax on money used to pay taxes . But all the regular taxes will be charged on the money used to pay taxes. For example, let's say your weekly salary is

Do you have to pay taxes on gift money that was given to you?

Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to re

Do you have to pay taxes on a gift that was given to you?

Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to re

Do you have to pay taxes on money inherited from parents estate in va?

This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took i

Do you have to pay taxes on money inherited from parents estate?

Inheritance is not taxed for income tax purposes. However, if youacquire property through inheritance like a house or stock, andsell it later, you may have an income tax situa

When do you pay the taxes if you tax out money from a 401k?

You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income t

Do foster parent pay taxes?

Yes of course they do. They have to have an income since you don't get paid to foster, you just get money to cover the child's expenses. You still need a job.