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sk8ladyb
Level 2

Gift Tax we were given a financial gift. Do we pay taxes on it?

We were given a financial gift it was several thousand dollars do we need to pay tax on it and if so where do we list it?
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Lisa995
Level 12

Gift Tax we were given a financial gift. Do we pay taxes on it?

Gifts are not taxable to the recipient, and are not deductible to the person that gifted it.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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1 Reply
Lisa995
Level 12

Gift Tax we were given a financial gift. Do we pay taxes on it?

Gifts are not taxable to the recipient, and are not deductible to the person that gifted it.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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