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-   -   Money received as a gift (https://www.askmehelpdesk.com/showthread.php?t=187435)

  • Feb 23, 2008, 04:28 PM
    marie_in_FL
    Money received as a gift
    I was going through a personal and transitional crisis during 2007.

    I had two boyfriends that gifted me money equaling around $10,000 each over the course of the year for a total of $20,000.

    Do I need to claim this money as income?

    I was not employed during the year and the money came sporadically over the course of 12 months, mainly in the form of rent payments and money placed into my account for me to use toward other debt.
  • Feb 23, 2008, 04:30 PM
    s_cianci
    Technically, yes, it is income and subject to taxation. Of course, I'm not sure the IRS will ever find out about it unless you tell them.
  • Feb 25, 2008, 07:50 AM
    ebaines
    Quote:

    Originally Posted by marie_in_FL

    I had two boyfriends that gifted me money equaling around $10,000 each over the course of the year for a total of $20,000.

    Do I need to claim this money as income?


    No - gifts are not taxable to you. Individuals are allowed to gift up to $12,000 per year to another individual without tax consequence, so you do not need to worry about these gifts. If either gift was larger than $12,000 in a single year, then the person who gifted it should file a Gift Tax form, but even then there is no tax consequence for you.
  • Feb 26, 2008, 08:07 PM
    IntlTax
    I agree with ebaines.

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