Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

$1000 gift / taxes?

if someone gives me $1000 as a gift and I deposit that money into my checking account, do I have to report that to the IRS when I do my taxes? Lets say that the only income I received in all 2020 

4 Answers

  • 1 month ago

    No. No reporting and Recipients never pay tax on a gift. {the donor has to file a form 709 if he gives you more than $15,000 in any given year ... but in the end that (almost always) does not affect his estate taxes.)

  • 1 month ago

    Not if it is from a friend or family.

    But you do if it's from your employer or customer/client.

  • 1 month ago

    No, a gift is not income to you.

  • 1 month ago

    You do not have to report it to anybody.

Still have questions? Get answers by asking now.