gift  money  taxes


Question by  Lorbeer (304)

How do I claim money that was gifted to me when filing my taxes?

I received money as a gift from my parents this year. How should this be claimed on my tax returns?


Answer by  Chaneygirl (1755)

Gifts are not taxable to the recipient. Your parents should be filing a gift tax return, especially if they are giving you/siblings anywhere near $10,000 or more. The actual exclusion each year is $13,000, but if they are gifting large amounts to reduce their estate, a return should be filed.


Answer by  cgroverla (516)

If you receive a gift it is not gross income and does not appear on your tax return. The donor may have to file a gift tax return to record the gift for estate and gift tax purposes. This is necessary only for gifts in excess of $13,000 ($26,000 for both parents together).

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