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Get your taxes done using TurboTax
As with most tax questions - the devils is in the details. To be a "gift" you must give something of value that has no strings attached to the receiver. You cannot give a sham "gift" whose purpose is to hide income, avoid tax or other illegal purposes - that would not meet the definition of a true gift. Why would you need to prove that is was a gift if it was actually a gift?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 6, 2019
6:39 AM