Is this gift taxable?


S

scott

I received a modified van because I am disabled. It was
given to me by a church. It is a '99 Caravan, worth
$23,000, with all the modifications. I just want to be sure
if it must be reported somehow on my federal tax return?

Scott
 
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D

Dave Woods, EA

scott said:
I received a modified van because I am disabled. It was
given to me by a church. It is a '99 Caravan, worth
$23,000, with all the modifications. I just want to be sure
if it must be reported somehow on my federal tax return?
Gifts are not income and never reportable to the recipient.

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.
 
H

Herb Smith

scott said:
I received a modified van because I am disabled. It was
given to me by a church. It is a '99 Caravan, worth
$23,000, with all the modifications. I just want to be sure
if it must be reported somehow on my federal tax return?
Gifts to you are not taxable. Enjoy the van.
 
B

Bill

Scott asked:
I received a modified van because I am
disabled. It was given to me by a church. It is
a '99 Caravan, worth $23,000, with all the
modifications. I just want to be sure if it must
be reported somehow on my federal tax
return?
Gifts you receive are not taxable.

Quoting Pub 17, "Gifts and Inheritances.
Generally, property you receive as a gift, bequest, or
inheritance is not included in your income." Only income
produced by a gift (such as dividends from gifted stock)
would qualify as taxable income.

Bill
 
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A

A.G. Kalman

Scott said:
I received a modified van because I am disabled. It was
given to me by a church. It is a '99 Caravan, worth
$23,000, with all the modifications. I just want to be sure
if it must be reported somehow on my federal tax return?
Assuming you did not perform any services for the church,
the van is a tax-free gift. There is nothing to report.

Alan
http://taxtopics.net
 

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