I was given 5,000 from my grandma and 5,000 from my mother in June as a gift. How do I report this?
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I was given 5,000 from my grandma and 5,000 from my mother in June as a gift. How do I report this?

 
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New Member

I was given 5,000 from my grandma and 5,000 from my mother in June as a gift. How do I report this?

According to the information below, you are allowed by the IRS up to $14,000 in gifts without needing to pay taxes on it. Please see the below for more information:

The Gift Tax

If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $14,000 in 2017 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts.

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV

https://blog.turbotax.intuit.com/tax-tips/taxes-101-the-gift-tax-2705/

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