You'll need to sign in or create an account to connect with an expert.
No, gifts are not taxable income and are not included in the federal income tax return. But if the amount received was more than the yearly exclusion amount of $15,000 (for 2018) the donor is generally responsible for filing and paying the gift tax. Please see IRS Frequently Asked Questions on Gift Taxes for detailed information.
No, gifts are not taxable income and are not included in the federal income tax return. But if the amount received was more than the yearly exclusion amount of $15,000 (for 2018) the donor is generally responsible for filing and paying the gift tax. Please see IRS Frequently Asked Questions on Gift Taxes for detailed information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Sunny-641
New Member
barefootheart
New Member
nomad
Level 1
Cat_Sushi
Level 2
championjerry
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.