Back to list
QUESTION DETAIL
Related User
Votes
Do you have to list a money gift on your federal tax form?
ANSWER
The BIDaWIZ Team's Answer:
No: a gift is not reported on your income tax return. Instead, a gift
is filed, if applicable, on a gift tax return [Form 709]. The annual gift tax exclusion
amount = $13,000 per donor. For example, if your parents give
you $26,000, the entire gift is exempt, from the gift tax [i.e $13,000
per donor].
