Ask Experts Questions for FREE Help !
Ask
    mark586942's Avatar
    mark586942 Posts: 4, Reputation: 1
    New Member
     
    #1

    Jun 30, 2013, 06:53 PM
    IRS 1040 Reporting for a return of a gift
    My mother gave me four $10,000 gifts during the last five years. She wants the $40,000 back. I gave the money back to her. How should I report the return on my 2013 1040 form?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #2

    Jun 30, 2013, 08:09 PM
    Just so I have this straight, you reported this money as gifts, then you gave it back, now the question is to report paying it back?

    If it was money given to you and never claimed you have no grounds to claim the pay back, same as any other loan.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #3

    Jul 1, 2013, 12:00 AM
    If each of the 10K amounts was in a separate year, it wasn't even reportable, so why would you report giving it back? Did you pay interest?
    mark586942's Avatar
    mark586942 Posts: 4, Reputation: 1
    New Member
     
    #4

    Jul 1, 2013, 05:04 AM
    Thank you for the answer.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert
     
    #5

    Jul 1, 2013, 05:11 AM
    Judy has it right. There is no reporting requirement.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #6

    Jul 15, 2013, 11:24 PM
    What your mother gave you was not gift. It is loan. You are returning the loan.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

3520 Reporting - NRA gift [ 1 Answers ]

If a person receives a cash gift from an NRA before he himself becomes a resident, does he have to report that gift on the 3520 if he becomes a resident later that calendar year? I would think that this is a reportable event but not taxable?

Reporting stimulus income on 1040 [ 1 Answers ]

Dear Tax expert, Do we need to report last year's stimulus cheque ( received in approx July - aug 2008) on 1040 for 2008. If yes then where should it be mentioned on the form. Thanks for the help in advance, Sk

1040 or which IRS form? [ 1 Answers ]

I don't fulfill the residency test (183 days stay) in US for 2008. In 2007 I had filled 1040 in 2007 as I had met the residency test in 2007. What would be the appropriate form for me to use in 2008?

Reporting Property Owned in India to IRS [ 2 Answers ]

I am an Indian born citizen of US naturalized recently. (a) I purchased several properties over the last 5 years in India. Do I need to report those properties to IRS even though they are in India? (Please note that I rent those properties in India and pay property tax and income tax in India)....

IRS sent back Tax Return: 1040 or 1040NR for aliens? [ 2 Answers ]

I am writing about a problem I am having with the Tax Return that I filed last April (fiscal year 2007). I am an Italian citizen, arrived in the US on a J1-Research scholar visa on Sep 4, 2005, to perform research in astrophysics at an institute that is part of a national museum, while enrolled at...


View more questions Search