If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’ Well, the answer is ‘it depends’. Not what you want to hear but there is a lot of variables involved in answering this question. [...]
Section 102 defines gifts as it relates to the Internal Revenue Code. In general, the individual receiving the gift does not pay taxes on the gift. Only the donor pays taxes if applicable.
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