So if you are living off of this scenario ( pasted below ) : A married couple with no dependents takes in $30K and put it into their savings - One check for $15K is written to daughter by her mother, and one check later in year of $15K is given to the son in law ) and this money is placed in a savings account with all your other accumulated savings over the years, and you are not 65 - and the daughter and son in law have decided to take a leap of faith and retire due to some health reasons, when April of 2021 comes - there is nothing aside from property taxes to report unless you report the very small amount of interest that you "may" get ( This year the bank told us they didn't bother since the interest was way below 10 dollars ). So no need to send in anything to the IRS aside from the property taxes which are allowed to be reported ( house is paid off so no interest to pay on a mortgage - no jobs , no children, no anything that makes money - just gift money - that's all you have ). ??
I copied and pasted this :
Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have to pay gift tax.
The annual gift tax exclusion is $15,000 for the 2020 tax year. (It was the same for the 2019 tax year.) This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.
