You'll need to sign in or create an account to connect with an expert.
It would be advisable to get a letter from the donor making clear that the transfer was a gift, with no promise or expectation of repayment. You won't need to file it with your taxes, but it would be good to have if the IRS or other government agency inquires about the source of the funds.
It would be advisable to get a letter from the donor making clear that the transfer was a gift, with no promise or expectation of repayment. You won't need to file it with your taxes, but it would be good to have if the IRS or other government agency inquires about the source of the funds.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Garbanzor29
Level 2
ImmigrantUser
New Member
ayananuk
New Member
Cajlle
Returning Member
esarnc
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.