When is a gift taxable to the receiver?
On the Ellen Show some gifts are hundred thousands of dollars. These are usually given to people who have helped others and do not have much money for themselves. Are all the gifts taxable?
I am not referring to game prizes which I know are taxable.
- MadManLv 76 months agoFavorite Answer
A gift is never taxable to the recipient. A TV show never gives gifts, at least under the IRS definition. Hence recipients are charged income tax.
- Max HooplaLv 76 months ago
Any gift tax is payable by the donor.
- NeverLv 76 months ago
Yes. And if any specific giveaway is of a certain amount, they either inform the IRS or make you pay it upfront.
Casinos hold back for taxes on big winnings.
On a $90 gift, its no big deal. But on $1500+ it might be.
- STEVEN FLv 76 months ago
In the US, a GIFT is never taxed to the recipient.
HOWEVER, when a show 'gives' things away, it is NOT legally a gift. It is legally income. They are actually EXACTLY the same as game show prizes for tax purposes.
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- danxp2Lv 66 months ago
People on Ellen Show, Oprah, Game Shows, or other programs like YouTuber Mr. Beast, do not receive gifts when on the program. They receive compensation for the show to use their image, voice, likeness, etc. for the program to make money. They receive appearance fees, that might be called gifts on the broadcast, but for taxable purposes they are not gifts. Short of some sorts of medical debt discharging, under certain situations, see John Oliver’s video on medical debt, if you want.