Cash gift taxes

[MHeil]

Hello if I receive a cash gift of $100000 lump sum do I have tax implications?

 What is the best advice for paying any tax implications this type of gift would have ?

Mike

[DoninGA]

As the receiver of the cash gift you have no reporting requirements, regardless of the amount received.

However, if this gift was from a foreign person the gift has to be reported to the IRS using Form 3520.

[xmasbaby0 · Accepted solution]

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...