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February 24, 2020
Question

We received money from our parents, to help with tuition bill. We received $44,450 which is the exact amount of tuition. Should I report this, and if so, where?

  • February 24, 2020
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1 reply

Hal_Al
Employee
February 24, 2020

You don't report it.  Gifts are not income.  You can claim the tuition credit, based on those payments. 

 

Your parents are not required to file a gift tax return, as there is an exception for gifts used for education.

Reference:  https://www.thebalance.com/what-gifts-are-not-subject-to-the-gift-tax-3505684