Solved: My son received a UTMA check of $8,000 from his grandfather for H.S. graduation. Does he have to claim as income or file a tax return for this?

My son received a UTMA check of $8,000 from his grandfather for H.S. graduation. Does he have to claim as income or file a tax return for this?

posted

The UTMA account is a gift.

And gifts received are not taxable. Your son does not have to file a tax return or report this gift.

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The UTMA account is a gift.

And gifts received are not taxable. Your son does not have to file a tax return or report this gift.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

My son received a UTMA check of $8,000 from his grandfather for H.S. graduation. Does he have to claim as income or file a tax return for this?