topic Gift from parents (money was reimbursed) in After you file

Gift from parents (money was reimbursed)

m_urbina84 — Sat, 01 Jun 2019 00:42:45 GMT

My mom and dad bought a car for me as a gift. They live in Puerto Rico and flew to the US to buy the car for me. He paid $10,000 cash and then I paid about $18,000 with a personal check and then they reimbursed me the money with a check from their business (that they own). I received a letter that form 8300 was sent to the IRS for the $10,000 cash. Is there anything special I have to do when filling out my taxes?

Their gifts are not taxable income to you. There is no r...

TomYoung — Sat, 01 Jun 2019 00:42:47 GMT

Their gifts are not taxable income to you. There is no reporting requirement on your part.

The Form 8300 reporting is routine when cash in amounts of $10K or more are received. This is part of the government's anti-money laundering efforts.

Tom Young