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menchaco
Apr 28, 2009, 12:20 PM
As a recipent of a large monetary gift, what taxes am I responsible for and how should I report this to the IRS?
Five Rings
Apr 28, 2009, 01:57 PM
A gift is not income to the beneficiary and therefore is not taxable to you. You need not report it with one exception; if you received this large gift (+$100,000) from a foreign person, trust, corporation, partnership, or estate you must report it on Form 3520.