Do I pay taxes on cash gifts?

Answer by  Chaneygirl (1755)

You do not pay taxes on cash gifts. The person giving you the money may need to file a gift tax return, they should check with their accountant.

Answer by  cgroverla (516)

The recipient does not pay tax. The donor of gift of more than $13,000 must file Form 709 to report the gift and pays tax when lifetime gifts exceed $1,000,000.

Answer by  Att4372 (1704)

Gifts UNDER $13,000 are not taxable. For gifts above that level, a tax is owed by the giver. Any gift counts, not just cast. Stocks, property, anything of real value counts as a gift. You can avoid gift taxes if you apoly your lifetime limit. ($2 million)

Answer by  DesertRat (699)

You can receive up to $3000 in cash gifts from a parent without tax liability. Other cash gifts are income, and are to be reported as miscellaneous income along with your interest and dividend income. Most current income tax programs can easily direct you in how to properly report the gifts.

Answer by  tamarawilhite (17883)

It is only required if you receive gifts in excess of $10,000 dollars total from the same person. That is in cash, checks, or the total value of gifts in any form from one person. Gifts of lesser amounts must be reported if they come from individuals from outside of the country.

Answer by  GreenYourLife (1)

What if your brother in law begged for monies from an accident settlement that you husband received, prefers to call it a gift and refuses to pay it back? Then later makes a small payment back but refuses the rest even though he has plenty of money?