Timeline for When does an exchange of gifts become taxable?
Current License: CC BY-SA 4.0
7 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Sep 23, 2022 at 23:23 | comment | added | Nemo | @littleadv OK cash it is then. Thanks! | |
| Sep 22, 2022 at 16:18 | comment | added | littleadv | You asked I answered, I understand the situation. You can do with that whatever you want. | |
| Sep 22, 2022 at 16:17 | comment | added | Nemo | @littleadv Not at all. They are welcome to live there as long as they want without compensating us in any way. In fact, I do not want them to give us anything, but they are insisting. Please read the update to the question. | |
| Sep 22, 2022 at 16:14 | comment | added | littleadv | @Nemo that's not how it works. Gifts by definition have no strings attached. You're describing a clear quid pro quo: you're giving something and are getting something in return. | |
| Sep 22, 2022 at 15:37 | comment | added | Nemo | @littleadv It is not rent; they have no obligation to give us anything. Also I am asking about other gifts, like paying for kids' enrichment activities. | |
| Sep 22, 2022 at 4:48 | comment | added | littleadv | The 16K exemption is for gifts, in this case we're not talking about a gift but rather rent. There's no exemption for rent in the income tax provisions. It doesn't matter how they pay the rent - cash, vacations, meals, whatever. It is still rent. As to your last sentence - generally you shouldn't suggest breaking the law on this site. We're not here to guide folks in their criminal endeavors. | |
| Sep 22, 2022 at 3:32 | history | answered | Gerold Astor | CC BY-SA 4.0 |