Skip to main content
October 30, 2019
Question

Credit Card Debt

  • October 30, 2019
  • 1 reply
  • 0 views

I have a friend who is, unfortunately, very sick.  He is wanting to help me with some financial stress.  He is wanting to write me a check for roughly $35,000.  My intent would be do deposit this into my checking account and then pay the cc's off via online payments.

 

If I make a large deposit from monies gifted to me...will I need to pay taxes on it?

    1 reply

    DoninGA
    Employee
    October 30, 2019

    A gift received from an individual is not reported on nor taxable on a tax return, regardless of the amount received.

     

    The giver of the gift is required to report the gift given on an IRS Form 709 if the gift is greater than $15,000.  No taxes would be owed for the gift given if the total of all gifts ever given is less than $11.18 million.