Do I have to file gift of money given by a family member as income?
K.F. asked:
I was given a large amount of money as a gift by my grandmother (approx $150,000). Do I need to declare this as “income” on my next income tax filing? Not sure if this matters, but this was NOT inheritance. Thank you for any serious answers!
pocho
I was given a large amount of money as a gift by my grandmother (approx $150,000). Do I need to declare this as “income” on my next income tax filing? Not sure if this matters, but this was NOT inheritance. Thank you for any serious answers!
pocho
August 14th, 2008 at 9:16 am
No, recipients don’t pay tax on the gift.
Your grandmother, on the other hand has a gift tax return to file.