are gifts to children taxable income on their returns?

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  • 2 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.

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  • 2 months ago

    No, gifts are not taxable to the recipient.

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  • 2 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.

    • NA
      Lv 7
      2 months agoReport

      It's  $15,000 now.  If you won't keep up with changes, why bother answering.

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  • 2 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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  • Judy
    Lv 7
    2 months ago

    Receipt of a gift is never taxable income.  But a child's investment income might be subject to a 'kiddie tax'  see https://www.irs.gov/taxtopics/tc553

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  • 2 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.

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  • NA
    Lv 7
    2 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.

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  • Anonymous
    2 months ago

    For this year the annual exclusion is $15,000 each.

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