Question

Mother gifted money

Forum|Forum|7 years ago
June 1, 2019
1 reply
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My mother gifted my husband and I 38,000 to buy land. I deposited the amount in 3 cashier's checks in the amount of 12,500 but they were all made out to me. How much of that do I have to account for income? My account is a joint checking with my husband. And I do have 2 children

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K

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You don't need to include it on your tax return. Gifts are not reported as income to the recipient. However, your mother should file a Form 709 Gift Tax Return for information purposes.