Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Are money transfers taxable?

Finance income Laws money regulations tax taxable taxes transfers
0
Posted

Are money transfers taxable?

0 CommentsAdd a Comment

1 Answer

0

Money transfers are considered monetary gifts by the IRS, unless you are paying for services, and are therefore taxable. The donor normally pays the tax.

0 CommentsAdd a Comment
What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.