topic If I received money as a gift from my mother, do I have to claim it on my taxes? in Retirement tax questions

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

deliag3 — Wed, 05 Jun 2019 22:38:34 GMT

The amount was 50,000.00

No. Gifts that you receive are not taxable and you do no...

xmasbaby0 — Wed, 05 Jun 2019 22:38:36 GMT

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

Re: No. Gifts that you receive are not taxable and you do no...

jamesjfhowe — Mon, 27 Sep 2021 20:45:50 GMT

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

Re: No. Gifts that you receive are not taxable and you do no...

Anonymous_ — Wed, 29 Sep 2021 15:10:45 GMT

@jamesjfhowe

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