Child support is not taxable. This is neither deductible by the payor nor taxable to the payee. Topic 422 of the Non-taxable Income determined by the Internal Revenue Services (IRS) stipulates that child support payments are not --- [More...]
Gifts are taxable. It depends on the equivalent amount of the gift to be given. For instance, if you have given somebody a cash gift worth ,000.00, it has an equivalent deductible tax charged to the giver. --- [More...]
