@jeremyleib wrote:
My question was, though, where to report the positive amount. If the positive amount is reported on 8z and also the negative amount to offset it is on 8z, it would just cancel to zero.
A recipient of a gift (the donee) does not have to report the value of the gift on a federal income tax return.
If you are concerned about an audit, simply document the date and value (or amount) of the gift and/or ask the donor to provide you with a letter stating the relevant information surrounding the gift.
