My wife and I recieved a gift that looks like some kind of investment income and we dont know how to report it. What should we do?

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My wife and I recieved a gift that looks like some kind of investment income and we dont know how to report it. What should we do?

If it is a gift from an individual, you don't have to do anything. Gifts are not taxable to the recipient. If it is an investment, and is generating some sort of income, then you should have received a tax form, a 1099-B or 1099-INT, or 1099-DIV. I recommend you contact the donor of the gift and ask about the nature of the gift.

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My wife and I recieved a gift that looks like some kind of investment income and we dont know how to report it. What should we do?

If it is a gift from an individual, you don't have to do anything. Gifts are not taxable to the recipient. If it is an investment, and is generating some sort of income, then you should have received a tax form, a 1099-B or 1099-INT, or 1099-DIV. I recommend you contact the donor of the gift and ask about the nature of the gift.

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