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escentric
New Member

A friend gave me $300,000.00 as a gift. Would this be taxable for me? If so, how do I claim? Do I claim as regular income like wages?

 
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SweetieJean
Level 15

A friend gave me $300,000.00 as a gift. Would this be taxable for me? If so, how do I claim? Do I claim as regular income like wages?

Assuming this is a legitimate gift, it is not taxable to you; but can be recorded as nontaxable income in the Sales Tax deduction section.

Your friend must file a Gift Tax Return.  Is he/she overseas?

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2 Replies
SweetieJean
Level 15

A friend gave me $300,000.00 as a gift. Would this be taxable for me? If so, how do I claim? Do I claim as regular income like wages?

$300,000?
SweetieJean
Level 15

A friend gave me $300,000.00 as a gift. Would this be taxable for me? If so, how do I claim? Do I claim as regular income like wages?

Assuming this is a legitimate gift, it is not taxable to you; but can be recorded as nontaxable income in the Sales Tax deduction section.

Your friend must file a Gift Tax Return.  Is he/she overseas?

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