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Level 2
January 9, 2021
Solved

Monetary Gifts in 2020

Good Morning,

 

My wife and I file joint federal taxes.

 

Throughout 2020 my wife's mother gave us $30,000 in cash to help support our family's financial needs.  I don't know the exact dates when she gave the gifts to my wife.

 

Should this be counted as income?  If so, where would I enter it on the tax form?

 

Thank you,

Scott Moyer

 

VolvoGirl
VolvoGirlAnswer
Level 15
January 9, 2021

No.  You don't report gifts received or given on your tax return. It is not taxable.

1 reply

VolvoGirl
VolvoGirlAnswer
Level 15
January 9, 2021

No.  You don't report gifts received or given on your tax return. It is not taxable.