I bought a 25,000.00 dollar car for someone, do they need to pay taxes on it? They are not related to me.
You'll need to sign in or create an account to connect with an expert.
A gift received from an individual is not reported on a federal tax return, regardless of the amount received or the value of the gift received.
The giver of the gift to an individual is required to report the gift given if the value of the gift is over $14,000. Use IRS Form 709 Gift Tax Return to report the gift given. There would not be any gift taxes owed if the aggregate of all gifts that have been given is less than $5.45 million.
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
A gift received from an individual is not reported on a federal tax return, regardless of the amount received or the value of the gift received.
The giver of the gift to an individual is required to report the gift given if the value of the gift is over $14,000. Use IRS Form 709 Gift Tax Return to report the gift given. There would not be any gift taxes owed if the aggregate of all gifts that have been given is less than $5.45 million.
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
xxrubyxxmacxx
New Member
calderad07
New Member
soph383899
New Member
athenajones84
New Member
bpa59
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.