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

[pol-cherry1]

?

[Anonymous_ · Accepted solution]

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

[xmasbaby0]

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-...