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No. Gifts that you receive are not taxable and you do not enter them on your tax return. Mom needs to file a 709 gift tax form, though, since the gift is more than $14,000. She will not owe tax, but is required to file the form with the IRS.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
No. Gifts that you receive are not taxable and you do not enter them on your tax return. Mom needs to file a 709 gift tax form, though, since the gift is more than $14,000. She will not owe tax, but is required to file the form with the IRS.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
What about New York State taxes? that is what i'm concerned about the most from a gift from my mother. I read about filling out the IRS form, but that is for federal taxes. what about NYS?
thanks
jim
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