I was given a money gift from my mom last year (2018) for $7500. do I still list on taxes as income even though its an exclusion??

mtyankee · ‎June 1, 2019

Bees · ‎June 1, 2019

That is not taxable income and does not need to be shown on your tax return.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

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Bees · ‎June 1, 2019

That is not taxable income and does not need to be shown on your tax return.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

MinhT · ‎June 1, 2019

Gifts are not taxable and are not reported on your tax return.

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SweetieJean · ‎June 1, 2019

However, it can be recorded as nontaxable income in the Sales Tax deduction section if you are itemizing.

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I was given a money gift from my mom last year (2018) for $7500. do I still list on taxes as income even though its an exclusion??