Solved: Money received as gift but thru Venmo. Do I have t...
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Money received as gift but thru Venmo. Do I have to report it as income?

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Level 15

Money received as gift but thru Venmo. Do I have to report it as income?

Money (or property) you receive as a gift is not taxable to you.

 

The giver of the gift (donor) may have to file a Form 709 if the amount of the gift exceeds the annual exclusion, but that is not your responsibility.

 

See https://www.irs.gov/instructions/i709#idm140535812766672

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Level 15

Money received as gift but thru Venmo. Do I have to report it as income?

Money (or property) you receive as a gift is not taxable to you.

 

The giver of the gift (donor) may have to file a Form 709 if the amount of the gift exceeds the annual exclusion, but that is not your responsibility.

 

See https://www.irs.gov/instructions/i709#idm140535812766672

View solution in original post

Level 15

Money received as gift but thru Venmo. Do I have to report it as income?

No.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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