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    jetters50's Avatar
    jetters50 Posts: 24, Reputation: 1
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    #1

    Nov 30, 2010, 01:03 PM
    Financial Gift
    Does a financial gift from parent to adult child need to be reported on the receiver's income taxes?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Nov 30, 2010, 01:07 PM

    Depends on how big the gift is.
    jetters50's Avatar
    jetters50 Posts: 24, Reputation: 1
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    #3

    Dec 1, 2010, 07:20 AM
    Comment on smoothy's post
    The amount is $7,000. Should it be reported on my income?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #4

    Dec 1, 2010, 07:29 AM

    Read the site rules before giving disagrees or not helpfuls...

    You asked the question and failed to give us an Idea WHAT the amount was. Or even geographically what country you are in. My answer was based on the too vauge question YOU asked.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #5

    Dec 1, 2010, 07:40 AM

    Jetters50: assuming you are asking about US income taxes -- gifts are NEVER reported by the receiver, no matter how large. However, the gift giver must report the gift if it exceeds the annual gift exclusion amount, which for 2010 is $13K. So in this example the giver does not need to report the gift.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #6

    Dec 3, 2010, 10:33 AM
    YOUR opinion is NOT a basis. YOU failed to provide sufficient information in both your posts, and follow up posts. YOU failed to follow the rules by breaking them. Any advice REQUIRES you to disclose the amount AND what country you live in... YOU may be able to read minds... but the rest of us can't. What applies in ONE country doesn't apply to others. And there are more than one english speaking country... and members from non-english native countries that do post here in english.

    You are being reported to the site administrator for this repeated action.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #7

    Dec 4, 2010, 10:27 PM

    The receiver of a gift does not pay any gift tax or files any gift tax return. The donor can give gifts of up to $13,000 in a year to any number of individuals. If any gift exceeds $13000, the donor must file gift tax return Form 709. Your U.S. Tax Return: The U.S. Gift Tax
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