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fasabear
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Is a personal gift of several thousand dollars (say $10,000 with no strings attached) considered taxable income? If yes, are there any limits and where does TT address

 
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Is a personal gift of several thousand dollars (say $10,000 with no strings attached) considered taxable income? If yes, are there any limits and where does TT address

Gifts received are not taxable income. 

The gift giver needs to report gifts that are more than $14,000 per person per year using a gift tax return.  Gift tax is not actually required until the lifetime gift amount reaches around $5 million, but the IRS uses the gift tax return to keep track of a person's lifetime gifts.

If the gift is from a foreign person or corporation, the recipient must file a foreign gift form (if more than $100,000 combined from foreign persons or more than $15,000 combined from foreign corporations).  Again, no tax is owed, but the IRS wants to keep watch for income disguised as gifts, and cross-border money laundering.

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