Question

reporting a cash gift by the recpient

Forum|Forum|5 years ago
December 18, 2020
2 replies
0 views

I will be receiving a cash gift from a parent. It will be over $15,000. My parent will file the form 709 and pay the taxes on it. I know I will not owe any taxes, but do I have to report it, and where?

Thanks.

TH666

B

Bsch4477

Employee

Gifts are not taxed for the recipient and not reported so you don’t have to do anything.

P

PaoloochAuthor

Thanks.

Stay safe.

O

Opus 17

Employee

You are only required to report receipt of a gift if the payer is a foreign person; the reporting limit is $15,000 for gifts from a company and $100,000 for gifts from persons (aggregate limit per year). If the payer is a US person (citizen, green card holder, resident alien) then no reporting is required.