If i receive a gift of 14,500 dollars from my parents, do i or my parents have to show this on our taxes.?

Answer 1

Jimeny Christmas you guys need to stay out of the tax section more that half have given erroneous information and with one of you this is a serious pattern of false information on most posts you make.

Sorry glad you are all wet

"Gift Taxes

IRS Tax Tip 2007-39

If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.

From the irs.gov site and they are the authority!

I am shocked at this thread.

Answer 2

Judy is correct.
In a year a person can give any number of gifts of less than $12,000 to any number of persons. No tax is payable on these gifts.
The person who receives a gift of any amount does not pay.

Your parents can separately give up to $12,000 to the same person in 2007 without making a taxable gift.

All gifts of more than annual exclusion amount ($12000 for 2006) must be reported. There is a lifetime exclusion of $1 million. A person making a gift in excess of $12K must include the gift in the lifetime exclusion and file Form 706 to document the gift.

So only if out of $14,500 a gift of up to $12,000 is from one parent and the remaining gift is from the other parent, then there is no gift tax liability. No gift tax return is to be filed.

Answer 3

No. You never have to report a gift to you as income, regardless of size. If it is over a certain dollar amount, gift tax, which is paid by the giver, may be due. This is reported on a special form, not on anybody's income tax return. See IRS Publication 950 for more information.

Answer 4

No. You don't show it anywhere because it's a gift TO you, so that doesn't have to be reported.

Your parents can each give you $12,000 per year without filing a gift tax return, so between them they can give you up to $24K per year without gift tax implications. If they haven't already given you the money, it might simplify things if they wrote two separate checks, one signed by each of them, each check for under $12,000. Otherwise, if one of them wrote a check for the whole amount, they might have to file a gift tax return on form 709 to state that the gift was to be considered as half coming from each of them - there still wouldn't be any tax to them though, and you still wouldn't report the gift on your tax return..

See http://www.irs.gov/newsroom/article/0,,id=107815,00.html and http://www.irs.gov/pub/irs-pdf/f709.pdf

Once again, I'm amazed at the number of wrong answers a fairly simple question has generated.

Answer 5

Gifts are not taxed, however since the gift was more than 12000 your parents need to file a return saying they gifted you 14500 and would pay a tax on 2500. If they gave you just 12000, they wouldnt have to report anything.

Answer 6

Your parents can actually give you up to $2 million in gifts tax free, but it counts toward their lifetime estate exemption. The people that are telling you $11,000 are correct too, but the $11,000 is just the annual amount that does not count toward the $1 million lifetime gift exemption. So they are only giving you half of the answer.

Answer 7

no
each parent is allowed to give up to $11,000 each in a one year period as a gift
you do not have to report it your gift its less than $22,000

Answer 8

if it a gift u don;t even have to claim it,,

Answer 9

whos gunna know if you recieved a gift. they will have to pay sales taxes depending on where you are but you dont have to claim it on your taxes if you just take it and not say anything about it.

Answer 10

Yes. You can give/receive gifts up to 10,000 without taxation. After that, someone has to account for it.