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mayamina
New Member

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

Your grandmother may need to complete a gift tax form 709 since she is giving you more than $15,000, unless she spreads it over 2018 and 2019, or gives some to you and some to your spouse.  She will not owe tax,nor will you.

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


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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6 Replies
xmasbaby0
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

Your grandmother may need to complete a gift tax form 709 since she is giving you more than $15,000, unless she spreads it over 2018 and 2019, or gives some to you and some to your spouse.  She will not owe tax,nor will you.

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


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
DoninGA
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

xmasbaby0
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

The gift amount changed from 2017 to 2018--for 2018 it is $15,000

https://ttlc.intuit.com/replies/6519865

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
SweetieJean
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

You can record it as nontaxable income in the Sales Tax deduction section if you itemize.
Sundrop069
New Member

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

 
xmasbaby0
Level 15

Do I need to pay tax on money my grandmother is gifting me, totaling $26,000?

@Sundrop069 Why the blank post?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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