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jessii1101
New Member

Do I need to report large amounts of gifted money received? What if I received money from a few people in small amounts throughout the year & that added up to around 50k?

I am sure IRS would wonder where that money came from and I want to make sure I report everything I need to report.

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DoninGA
Level 15

Do I need to report large amounts of gifted money received? What if I received money from a few people in small amounts throughout the year & that added up to around 50k?

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

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1 Reply
DoninGA
Level 15

Do I need to report large amounts of gifted money received? What if I received money from a few people in small amounts throughout the year & that added up to around 50k?

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

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