You'll need to sign in or create an account to connect with an expert.
No. The receipt of a gift is neither taxable or even reportable.
You may have heard of the "gift tax". It is reported by the giver of the gift, not the recipient, for gifts of $15K or more ($30K if given to or from a married couple). "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
Wow, thanks for the help! So if I’m reading this right, as long as it’s under the $11.58 million, neither party pays taxes on it?
This sets me at ease. Thank you again, @Hal
Q. As long as it’s under the $11.58 million, neither party pays taxes on it?
A. That's correct.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mwinters0512
New Member
Jaredn94
New Member
2db49560b8c4
New Member
user3a186802
New Member
tjwoods04
New Member
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.