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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4480
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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If I am given a cash gift of $7500. from my mother from the

Customer Question

If I am given a cash gift of $7500. from my mother from the proceeds of a sale of her home, is it taxable? Where is it listed on the tax return form? Thanks very much.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

NO, that will NOT be taxable. Anyone can gift anyone upto the limit of $14,000 (limit for 2015 and 2016) WITHOUT paying the tax on it. No need to show it on your tax return as well.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#5

So, neither you or your mother will show / pay tax on it.

I am sure this would help.

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Warm Regards,

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