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?
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
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.
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.
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.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.