If I received money as a gift from my mother, do I have to claim it on my taxes?

[deliag3]

The amount was 50,000.00

[xmasbaby0 · Accepted solution]

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

[jamesjfhowe]

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

[tagteam]

@jamesjfhowe 

Only Connecticut imposes a gift tax as of this date and time.