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Level 1
February 3, 2024
Solved

Does a gift of $17,500.00 from my brother qualify as income and if so, how do I report it?

  • February 3, 2024
  • 2 replies
  • 33 views
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Best answer by VolvoGirl

No you don't report gifts given or received on your tax return.

2 replies

VolvoGirl
VolvoGirlAnswer
Level 15
February 3, 2024

No you don't report gifts given or received on your tax return.

Mike9241
Level 15
Level 15
February 4, 2024

Your bro should be filing a gift tax return since the amount is over the annual exclusion if the gift was in 2023. for 2024 no meed to file sine the exclusion was increased to $18,000

Mike9241