- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Gifts received from anyone, in ANY AMOUNT are NOT taxable income to the recipient of the gift and are not reported on your annual income tax return.
The $17,000 threshold is for whether the GIVER of the gift has to file a gift tax return. "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, for individual gifts over $17,000, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
‎July 12, 2023
4:37 AM