A gift received from an individual is not reported on a tax return, regardless of the amount received. So yes, you could receive $75,000 from 5 different individuals or even from just one individual and not have to report the gift on a tax return.
The annual gift that can be given without having to file a Form 709 is $14,000 per individual. The reporting of the gift is only by the giver of the gift, not the recipient of the gift.
A gift received from an individual is not reported on a tax return, regardless of the amount received. So yes, you could receive $75,000 from 5 different individuals or even from just one individual and not have to report the gift on a tax return.
The annual gift that can be given without having to file a Form 709 is $14,000 per individual. The reporting of the gift is only by the giver of the gift, not the recipient of the gift.
Right...For 2018 the annual gift amount is $15,000. For the 2017 tax year it is $14,000.
Does it make any difference for the recipient if the givers are US Citizens or they are not US Citizens and live in another countries?
Yes, it does make a difference. If the giver of the gift is a foreign person and the amount that is given as a gift is over $100,000 then the receiver of the gift is required to report the gift to the IRS using Form 3520. This is an informational report only so no taxes will be due on the gift.
IRS Form 3520 - <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f3520.pdf">https://www.irs.gov/pub/irs-pdf/f3520.pdf</a>
IRS Form 3520 instructions - <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i3520.pdf">https://www.irs.gov/pub/irs-pdf/i3520.pdf</a>