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New Member
posted Jan 19, 2021 11:39:51 AM

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

0 4 12549
4 Replies
Level 15
Jan 19, 2021 11:43:33 AM

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-11-2-million-per-couple/#3226e75d4a4b

Level 15
Jan 19, 2021 11:44:07 AM

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

New Member
Jan 19, 2021 11:55:07 AM

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

Level 15
Jan 19, 2021 11:58:08 AM

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.