Question by  spyre (1)

How do I claim a monetary gift from my elderly aunt on my taxes?

I helped her for five years so when she sold the house, she gave me a portion of the proceeds as compensation.


Answer by  blahblah (670)

You don't need to report the gift on your taxes. But if the gift was more than $13,000 (in 2009), your aunt must file a gift tax return (Form 709). She won't have to pay any tax on the gift, unless she exceeds the $1,000,000 lifetime gift tax exemption.

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