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Level 1
Mar 31, 2020 10:07 PM UTC
Question

Gift Income

Is money gift taxable?  I received $5500 last year from a friend helping out with rent and living expenses?

1 reply

DoninGA
Level 15
Level 15
Mar 31, 2020 10:09 PM UTC

Gifts received from an individual are not entered on a tax return, regardless of the amount received.