You'll need to sign in or create an account to connect with an expert.
Cash received as a gift is not considered as income and is not reported on your tax return. There is no entries for cash gift on your tax return. Had your wife received the grain, then sold it, she would then have to report the sale. Here is data entry for the sale of grain:
Please refer to the link below on the basis property received as a gift:
Cash received as a gift is not considered as income and is not reported on your tax return. There is no entries for cash gift on your tax return. Had your wife received the grain, then sold it, she would then have to report the sale. Here is data entry for the sale of grain:
Please refer to the link below on the basis property received as a gift:
I received a gift of grain from my dad; the grain was in another state (than where I live), so when I sold it, I receive a check from the grain elevator in that state. Do I report it on my resident state income tax return or do I report it on a return from the state it was sold in?
To clarify, what state was the grain sold from because each state has their own tax code?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
chunhuach
Level 1
cryslarc1
New Member
Sanctuaryrh
New Member
kyondacooper
New Member
magellan0
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.