Question

I received money as a present from my mother, do I need to declare that?

Forum|Forum|6 years ago
February 10, 2020
2 replies
0 views

No text available

TurboTax Live Deluxe Online

Employee

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DavidS127

No, the money from your mother is a gift, and gifts are not taxable to the recipient (you).

Gifts are technically taxable to the donor (your mother), but there are many exceptions and exclusions. See this TurboTax article on The Gift Tax See this TurboTax article on The Gift Tax for more information about your mother's responsibilities to report a gift.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"