turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
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.

1 Best answer

Accepted Solutions

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.

View solution in original post

1 Reply

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.

Manage cookies