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New Member
posted Jan 25, 2022 2:56:29 PM

I was given money from family member. where do I put it on the form?

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3 Replies
Level 15
Jan 25, 2022 3:02:53 PM

Gifts are not income, it goes nowhere on your tax forms.  Nor is it deductible by the giver.

 

If the amount was over $15,000, the giver (not you, the recipient) MAY be subject to filing a gift tax return. 

 

Gift Tax  "Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html  

Expert Alumni
Jan 25, 2022 3:06:33 PM

A gift is not reported as income on your tax return. In 2021, persons  can give up to $15,000 to someone in a year not have to report it. If the amount exceeds $15,000, the person giving would file a Gift Tax return, not the recipient.

Level 15
Jan 25, 2022 3:13:55 PM

If you are itemizing, you can report this amount in the Sales Tax deduction calculation section.