are gifts to children taxable income on their returns?
- Coffee DrinkerLv 72 months ago
No, gifts to children, adults, or anyone else are NEVER taxable income to the person receiving the gift (at least not in the USA).
The person giving the gift must file a gift tax return if they give more than $15k to one individual during the year, but they will not owe any tax on the gift unless they have already given away millions of dollars in their lifetime.
- 2 months ago
No, gifts are not taxable to the recipient.
- StephenWeinsteinLv 72 months ago
No. Gifts are not taxable income on the returns of the person who receives the gift. However, if you give more than a certain amount (currently about $14,000, but different from year to year) to any one person in any one year, then the person who gives the gift may have to pay tax.
- Max HooplaLv 72 months ago
Gifts are never taxable on the recipient's returns, even if the donor has given them more than $11 Million.
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- curtisports2Lv 72 months ago
Gifts are never taxable to the recipient. Never. The giver is required to file a gift tax return if the gift from individual giver to individual recipient exceeds $15,000 in any year. A married couple can each give $15,000 per year to each of their children, for a total of $30,000 per child, without having to file a gift tax return. No tax whatsoever to the person receiving the gift.
- NALv 72 months ago
A recipient NEVER pays taxes on a gift.
As a giver, amounts above $15,000 are reported by the giver on IRS form 709.
- Anonymous2 months ago
For this year the annual exclusion is $15,000 each.