Are 2 separate gifts from 2 different relatives during the year 2016 totaling $24,000. 1 gift was $10,000 & the other from an uncle was $14,000. R they taxable?
03451
3 Replies
VolvoGirl
Level 15
May 31, 2019 6:24:55 PM
Gifts given or received are not reported on your tax return. If one person gives someone over $14,000 the giver might have to file a separate gift tax return but there won't be any tax due. Nothing for you to worry about or do.
rupert43
New Member
May 31, 2019 6:24:56 PM
Thank you very much!
SweetieJean
Level 15
May 31, 2019 6:24:57 PM
You can, however, record them as nontaxable income for purposes of calculating the Sales Tax deduction in the Deductions and Credits section of the program.