@dguerr wrote:
If my brother made a financial gift to me and didn’t pay any tax on it, solely because he has not reached the maximum of gifts, do I then have to pay any tax on the gift? I read that if he doesn’t pay the tax IRS can bill me for it.
Gifts received from an individual are not reported on a tax return, regardless of the amount received.
Gifts given to an individual are not reported on a tax return. If the gift given is over $15,000 in 2021 then the giver of the gift must report the gift on IRS Form 709. There will not be any taxes owed on the gift if the total of all gifts ever given were less than $11.7 million.
