Do I have to pay any taxes (income tax or otherwise) if someone gives me $400,000 to pay for student debt?

[escobarjc6]

If I received $400,000 and paid off my student loans with it in the same year would I have to pay any taxes on that amount?

[DoninGA]

The receiver of a gift does not report the gift received on a tax return, regardless of the amount received.

[xmasbaby0]

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...