topic My wife and I file jointly and received a $20,000 Gift from her parents after her father sold his business. Where do I add this to my return or do I? in Get your taxes done using TurboTax

My wife and I file jointly and received a $20,000 Gift from her parents after her father sold his business. Where do I add this to my return or do I?

jtmlax — Sat, 01 Jun 2019 02:05:15 GMT

Gifts are not reportable at all for the receiver of the g...

macuser_22 — Sat, 01 Jun 2019 02:05:17 GMT

Gifts are not reportable at all for the receiver of the gift. The giver might be required to file a gift tax return of over $14,000 to any one individual. The father could give $14,000 to you, $14,000 to your spouse without triggering the gift tax return, but that is their concern, not yours. You have nothing to report.

However, you can record it as nontaxable income in the Sa...

SweetieJean — Sat, 01 Jun 2019 02:05:19 GMT

However, you can record it as nontaxable income in the Sales tax deduction section if you itemize.

What if a father and mother are wanting to give a financi...

joeyreys — Sat, 01 Jun 2019 02:05:20 GMT

What if a father and mother are wanting to give a financial gift to their son and daughter-in-law? Could the father and mother each give $14,000 to their son and then each give $14,000 to their daughter-in-law, resulting in the son and daughter-in-law receiving a total of $56,000, without having to pay taxes as givers?

Yes that's how it works.

VolvoGirl — Sat, 01 Jun 2019 02:05:22 GMT

Yes that's how it works.

And even if it exceeded the limits, there would be no tax...

macuser_22 — Sat, 01 Jun 2019 02:05:24 GMT

And even if it exceeded the limits, there would be no tax to pay - only the requirement to file a gift tax return which would lower their lifetime $5.3 million exclusion by that amount.