No. Gifts or money you received as a present isn’t taxable – but you do owe taxes on any income it produces. For example, if you receive bonds as a gift, you must report any interest the bonds earned after you received them.
Does the individual need to officially report where these gifts came from?
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
@Rule of 72 wrote:
Does the individual need to officially report where these gifts came from?
Donors (the individuals who give the gifts) might need to report the gifts and details.
Donees (the individuals who receive the gifts) do not need to report the gifts.
Is there a limit to how much a charity can give me or my family without me having to report it?
@SargentSchultz Money you received as a gift does not get reported on a tax return.
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
A CPA just told me I have to make sure what I am given is a gift, not an award too? any info on this?
What was the exact nature of the "gift" and which type of "charity" was the "donor"?
In other words, why did you receive the funds and from whom?
disabled vet from a charity the helps disabled vets They gave me cash to help w bills