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Old 01-20-2021, 02:21 PM
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Default Tax Question

Dcm gave me some extra money as a Christmas gift. Do I include that amount on their tax receipt?
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Old 01-20-2021, 02:39 PM
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My understanding is that we can gift cash to anyone we want and they do not have to report it unless it is over $15,000.
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Old 01-20-2021, 03:54 PM
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Hopefully Tom will chime in with the correct answer, but I do not include it on a parent's end of year total, but I do include it as income. I know Tom wrote about it in a blog, so maybe look there and see what he says.
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Old 01-21-2021, 01:51 PM
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Thanks guys!

Another question...
Is there a certain date we need to give them the tax receipts by? I'll have them done within the next few days, but it's my understanding that we're not required to do them at all?

I've got a former dcm that keeps asking when I'll get them done, so I want to make sure that I'm not missing a legal deadline or something??
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Old 01-21-2021, 02:02 PM
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Quote:
Originally Posted by CountryRoads View Post
Thanks guys!

Another question...
Is there a certain date we need to give them the tax receipts by? I'll have them done within the next few days, but it's my understanding that we're not required to do them at all?

I've got a former dcm that keeps asking when I'll get them done, so I want to make sure that I'm not missing a legal deadline or something??
We do have to provide them once they ask.

Many people file their taxes now to avoid all the delays that are coming.
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