turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My uncle sent me a personal check for over $10,000. I know the bank has to report this to the IRS

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

My uncle sent me a personal check for over $10,000. I know the bank has to report this to the IRS

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

My uncle sent me a personal check for over $10,000. I know the bank has to report this to the IRS

What was it for?  You do not report gifts received on tax return.

My uncle sent me a personal check for over $10,000. I know the bank has to report this to the IRS

It was just to help however, I know the banks inform the federal government / IRS because it is over $10K. 

My uncle sent me a personal check for over $10,000. I know the bank has to report this to the IRS

since you received it there's nothing for you to do. if that was the only amount that your uncle gifted you in a calendar year it is below the threshold for filing a gift tax. "Amount" includes all cash and all non-cash gifts if the total for 2019 or 2020 was less than the $15,000 threshold.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question