My dad wants to give me a $50,000.00 gift. Do I have to pay income tax on the entire amount? Is there a way to avoid some or all of the tax?
Gift is not taxable to the recipient. Therefore, you do not owe any income tax on the gift.
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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.