You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
McC96
New Member
shiyi11
Level 2
cparke3
Level 4
samiam21
New Member
Pbhargis01
New Member
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.