Dad wants to gift me some money - Which tax?
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bethanne
Apprentice
Joined: 11 Jan 2005
Posts: 1
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 Posted: 04/22/08 - 09:36 Post subject: |
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| Hello, I’m Tam and I’m a student from California. I’m not really sure what I should do now. My dad is planning to give me a nice amount of cash for my birthday. But I don’t know whether I’m supposed to tax it? I remember that when he got me a car which was also a birthday gift, he used to joke that I owe him tax money for it. I’d like to receive his present but I’m not prepared to pay money for it. Do I really have to tax it? Has anyone been in this or similar situation? Thanx T |
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orelle
Apprentice
Joined: 23 Oct 2007
Posts: 3
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| Posted: 05/21/08 - 23:44 Post subject: |
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| Hi, Tam! I totally agree with you that it’s stupid to tax a present if it’s cash. You’ll definitely spend it sooner or later on something and the tax will be included in the prize, won’t it? I know for the fact that in Canada, they have to pay it. I know this because my roommate told me that her aunt had to pay taxes when she received money from her husband. He wired it to her. Imagine that! Why doesn’t your father take care of everything and pay off the taxes if they are obligatory? I’d definitely ask him to do so. |
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