Carl
Level 15

Deductions & credits

YOu as the gift recipient have no reporting requirement.

The reporting requirement is on the giver of the gift, if the value of that gift exceeds $15K in a tax year to any one person. ($30K total for both of you.)

The giver of the gift files the IRS Form 709 -Gift Tax Return. Understand that since the value of the gift is less than $11 million and more than $30K (more than $15K to each of you) while the giver is required to report the gift, they will not pay one single penny of tax on it. They already paid "regular" taxes on that money before they gave it to you.

So while there is a reporting requirement, no additional taxes will be paid.