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Thread: Do we have to declare money received as a gift?

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    Default Do we have to declare money received as a gift?

    Hello, I was wondering if we have to declare amount of money received as a gift?

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    Featured Member Naida's Avatar
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    Default Re: Do we have to declare money received as a gift?

    Your location says Canada, so I don't know if this is helpful to you at all- In the US, you are not required to declare money received as a gift as long as it's under a specific amount. The amount changes every few years, so you'll have to check the current amount, but anything under $10k is GENERALLY not required to be declared. Again, you'll have to check the current amount if you're a US citizen.
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    Default Re: Do we have to declare money received as a gift?

    I would also add that, for US girls, the fact that a girl receiving the 'gift' from a gentleman friend also works in the 'adult' industry can make a huge difference in the way said 'gift' is interpreted by the IRS. There is ample precedent by the IRS where cash and the equivalent cash value of other 'gifts / perks' bestowed upon 'strippers', escorts etc., have been officially considered to be 'Payments for Services Rendered' ... and thus reportable as income and subject to tax for the receiver.

    Additionally, in the US, if the amount of the 'gift' is greater than $11,000 in a single year, it is reportable and potentially taxable for the PAYER not the receiver.

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    Default Re: Do we have to declare money received as a gift?

    There is no gift tax in Canada. Canadian citizens and residents do not report gifts either as giver or recipient. Cash and near-cash gifts or awards from an employer are always a taxable benefit for the employee. A near-cash item is one that can be easily converted to cash such as a gift certificate, gift card, gold nuggets, securities, or stocks. So says the Canadian Revenue Agency.

    HTH
    Z

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