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jlhowar1
Level 1
April 16, 2022
Question

Financial Gift

  • April 16, 2022
  • 1 reply
  • 8 views

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.

    1 reply

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    April 16, 2022

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

    E
    ErnieS0
    Level 15
    April 16, 2022

    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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