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    mark586942's Avatar
    mark586942 Posts: 4, Reputation: 1
    New Member

    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

    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

    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

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

    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

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

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