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cptain34
February 26, 2023
Question

$14000 gift

  • February 26, 2023
  • 1 reply
  • 0 views

My mother in law gifted my wife and I and my 2 kids each $14000 in 2022.  Do I need to claim and what exactly do I need to do?

    1 reply

    rjs
    rjs
    Employee
    February 26, 2023

    You don't have to do anything. Gifts that you receive are not taxable income. You do not report the gifts on your tax return.


    If the gift to any one person had been more than $16,000 (in 2022) your mother-in-law would have to file a gift tax return (Form 709). But since she did not give more than $16,000 to any one person, she doesn't have to do anything either.

     

    C
    cptain34Author
    February 26, 2023

    Thank you!  Appreciate the timely response!

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