Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 31, 2019 6:24:53 PM

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?

0 3 451
3 Replies
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.

New Member
May 31, 2019 6:24:56 PM

Thank you very much!

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.