| Gifts of money from family |
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mikeemerder
New Member
Cash: $ 1.15
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Joined: 19 Mar 2013
Location: IN
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| Gifts of money from family |
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If we as a married couple receive a gift of $10,000 from a parent(s), is that taxable? I'm not quite clear of the gift tax, but from the IRS website it seems like we are not required to report it as income. Am I correct?
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Mon Mar 25, 2013 5:17 pm |
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clydewolf
Senior Member
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Joined: 27 May 2012
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| Re: Gifts of money from family |
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quote:
Originally posted by mikeemerder
If we as a married couple receive a gift of $10,000 from a parent(s), is that taxable? I'm not quite clear of the gift tax, but from the IRS website it seems like we are not required to report it as income. Am I correct?
That is correct. The giftee does not pay income tax on the gift.
If you itemize your deductions, and use the State and Local Sales Tax as a deduction instead of State Income tax, you would want to include that $10,000 gift in the amount you use to determine your sales tax deduction when you use the tables the IRS provided., even if you did not spend that gift.
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Mon Mar 25, 2013 5:32 pm |
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littleroc02us
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There isn't anything you have to do, we received a gift this year of exactly the max gift amount and all that the irs wants to know from the giver is where the money went by filling out a gift tax form. Easy as pie!
Risk comes from not knowing what you're doing. (Warren Buffet)
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Mon Mar 25, 2013 5:56 pm |
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