Solved: I received a gift of $12,000 from my parents, do I have to pay taxes on this income?

I received a gift of $12,000 from my parents, do I have to pay taxes on this income?

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No, gifts are not taxable income and do not have to be reported by the recipient.

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No, gifts are not taxable income and do not have to be reported by the recipient.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I received a gift of $12,000 from my parents, do I have to pay taxes on this income?