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    menchaco's Avatar
    menchaco Posts: 1, Reputation: 1
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    #1

    Apr 28, 2009, 12:20 PM
    Gift tax
    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's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #2

    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.
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