Thank so, so much, truly amazing advice.
So, if a living family member makes a gift to me. A check, let's say $25,000, I can go to my bank and deposit this check. Not worry about having to report it on my tax return. In addition my bank will let the IRS know that I made a deposit of said amount. What does the IRS do with that information if it doesn't get taxed then? Does it just keep that information for record keeping purposes?
Also, the living family member that gifts me the check for $25,000. They, themselves, actually do need to report that to the IRS? That they are making a gift to a family member in the amount of $25,000. Is there a form that is provided for them to fill out? Or does their bank create this form? Or is it on the IRS website?
Thank you so much!
