Mother-in-law sent us money for purchasing a new vehicle, $20,000 total payment. We where just notified about the 8300 form. Does she fill the form out or do we?

Forum|Forum|7 years ago
June 1, 2019
4 replies
0 views

our mother-in-law received money from a settlement. My name is on the title for insurance purposes only. my wife does not work and I am the sole provider for the household. Does this affect my 2017 taxes since the car was purchased 1/2017?

Carl11_2

Employee

Since the amount of the "gift" your MIL gave you was over $14K, it's the giver, not the recipient of the gift that is required to file a gift tax return. The recipient does nothing. You do NOT have to report this gift as income on any tax return.

C

caseysAuthor

Employee

ok, so we do not have to do/prepare for anything since the dealership filed the form in my wifes name?

Carl11_2

Employee

The only thing the recipient does with gifted money they receive, is spend it. 🙂

C

Celery63

Form 8300 applies only to money received in a trade or business, it does not apply to a gift to a person.