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February 3, 2024
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Does a gift of $17,500.00 from my brother qualify as income and if so, how do I report it?

  • February 3, 2024
  • 2 replies
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Best answer by VolvoGirl

No you don't report gifts given or received on your tax return.

2 replies

VolvoGirl
VolvoGirlAnswer
Employee
February 3, 2024

No you don't report gifts given or received on your tax return.

February 4, 2024

Your bro should be filing a gift tax return since the amount is over the annual exclusion if the gift was in 2023. for 2024 no meed to file sine the exclusion was increased to $18,000