Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
wiquin
New Member

Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?

 
3 Replies
fanfare
Level 15

Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?

A gift is not taxed.

any gift tax reporting requirement is the donor's issue.

tagteam
Level 15

Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?

"Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?"

It is possible, per Section 6324(b), to have donee liability for any unpaid gift taxes owed and not paid by the donor.

Hal_Al
Level 15

Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?

"Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See 
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

If you know, for sure, the purpose and intent of the check is as a gift to you, you don't need to worry about it.

Dynamic AdsDynamic Ads
Privacy Settings
v