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unstableliquid
Level 1
March 15, 2021
Solved

If I sent my family $5000 do I need to file this in my taxes? If so how?

I gave my parents a helping hand and gave them this hefty sum. do i need file it? if so, what type of form do i use, and how would it affect their taxes?
SweetieJeanAnswer
Alumni - Champ
March 15, 2021

You do not claim it on your income tax return.  They do not claim it no their own income taxes. It is a gift.

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1 reply

Alumni - Champ
SweetieJeanAlumni - ChampAnswer
Alumni - Champ
March 15, 2021

You do not claim it on your income tax return.  They do not claim it no their own income taxes. It is a gift.

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