Do you have to pay taxes on a gift received?

Question

So I'm I suppose to pay tax on a gift I received from my employer?

Answer 1

I don't think you must pay taxes for the gift you received from your employer.

A gift is a present or anything a person gives another person as a token for appreciation at his/her wish.

Therefore it cannot be taxed according to my understanding.

Answer 2

I experienced this before when I receive a parcel from the local postal office. I felt bad because it needs to shell out money but it should not be because I paid it online.

Answer 3

Yes, you may have to pay taxes on a gift received, depending on the amount and the type of gift. Generally speaking, if the gift is valued at more than $600, it is considered taxable income. It is best to consult a tax professional for specific advice.