Financial Gift

How do I report a financial gift to me from a land sale? is it a capital gain if I didn't own the land but the family did.

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Financial Gift

A gift of cash is not reported on a tax return.

Financial Gift

Gifts are not taxable to the recipient as esteemed Tax Champ @DoninGA states. The giver may have to pay a gift tax – or at least file a gift tax return.

See our helpful article The Gift Tax.

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