If I am receiving a gift of $20,000 do I have to claim this amount on my taxes?

Question

And approximately what is the percentage of it that i will have to pay?

Answer 1

These people are mainly unknowing idiots.

GIFTS ARE NEVER TAXABLE TO THE RECEIVER!!!!!

According to the IRS (one guy above gave you the link, he just didn't bother to read the information and comprehend it), gifts of more than $11,000 ($22,000 if giver is married) are taxable TO THE GIVER.

So, it is the people who give you the money that would be responsible for any tax liability. NOT YOU.

You do not have to claim, nor pay, any taxes on this gift.

If you are confused (and who wouldn't be) contact a good CPA, but I know you are not responsible for taxes on this money.

Answer 2

Tax On Gifts Received

Answer 3

What a bunch of wrong answers, with a few correct ones sprinkled in.

You don't report or pay tax on gifts that you receive, so you don't have to do anything about it as far as taxes go.

If it's coming from one person, then that person would have to file a gift tax return but most likely wouldn't owe any gift tax on it. If your parents are giving you $20K, they could each give you half of that and not have to file the gift tax return. A gift tax return must be filed, by the GIVER, for a gift to any one person of over $12K per calendar year.

Answer 4

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RE:
If I am receiving a gift of $20,000 do I have to claim this amount on my taxes?
And approximately what is the percentage of it that i will have to pay?

Answer 5

This is a short question with a long answer. One that people always freak out over unnecessarily. You can receive $12,000 per year (it went up folks) per person without any tax consequence. Over that, the difference must be deducted from the giftor's exemption for their inheritance tax. This really doesn't affect the recipient of the gift. If that money earns income, then that income will be reported later, but there is NO tax consequence this year.

It's almost too late, but since it's New Year's Eve, you can have the giftor give you $10,000 today and $10,000 tomorrow and it will not count against anything. Congratulations and Move fast!

Answer 6

The receiver of a gift does not have to pay taxes on the amount received. The giver could have given $11,000 per person in 2005 and $12,000 per person in 2006 to any number of people without having to pay any gift tax. If any tax is owed, it is the giver who will owe it. Married couples filing jointly can both gift amounts, effectively doubling the amount they can give to one person without having any tax. There are some exclusions which can allow the giver to give more without being taxed, but you may have to file a gift tax return. Exclusions include for education or the unified credit (see your tax advisor).

Answer 7

Let's see out of 17 answers, most were from people who told you it was taxable.

ONE (Diane's) mentioned that the only person who could "pay" tax on the actual gift is the GIVER because $20K is more than $12K. (If the giver splits the gift and/or has not given $1Million in taxable gifts in their lifetime, they won't actually have to write a check to the IRS--they would still need to file a form 709.)

And FWIW, the limit has been $12K for several years now.

Answer 8

Gifts are NOT taxable for the recipient. If you claim this gift on your income tax return, you will simply be paying a lot of unnecessary income tax. However, the gift giver (especially if File Status 1--Single, File Status 3--Married Filing Separate, File Status 4--Head of Household, or File Status 5--Qualifying Widow/er) will likely have to file a gift tax return with the IRS. If the gift givers are your parents or another couple (File Status 2--Married Filing Jointly), they will likely NOT need to file a gift tax return with the IRS. As to the whether or not a gift tax return needs to be filed, the gift giver/s will need to consult with a CPA or other tax expert with respect to his/her/their particular tax situation.

Answer 9

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Answer 10

Yes.
You can receive $10,000 per year from a relative and you pay tax on the interest.. The relative is tax free from this too.
If you get the money in different amounts like less than the ten figure and can stick it in your account this way then who knows how you got it? The IRS is drawn to anything deposited over ten grand.... They zoom into this faster than you can blink an eye..