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I got a big gift. Is it taxable?
July 27, 2009
TaxGrrrl has the answer:
Gifts of cash are not taxable to the recipient for federal income tax purposes. So, when your mom writes you a check for $10,000, you don’t have to do a thing except tell her thank you.
There may be a gift tax, but that's paid by the giver.
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Comments
Speaking of our good friend estate and gift tax... what's the latest plan from Congress? I haven't heard anything lately, but maybe I'm just not catching the buzz. Seems like the repeal of estate tax in 5 months should be a bigger issue. But after the late-December passage of the AMT patch back in 2007, I guess I should start expecting last-minute action. I used to be so much more optimistic about these things.
Posted by: Monica Lawver | July 29, 2009 2:21 PM