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.
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