How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bill Your Own Question
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3152
Experience:  EA, CEBS - 35 years experience providing financial advice
6480514
Type Your Tax Question Here...
Bill is online now
A new question is answered every 9 seconds

Do I have to pay taxes on gift money received from a family

Resolved Question:

Do I have to pay taxes on gift money received from a family member?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.
No, you don't have to pay taxes on a gift of money from a family member regardless of the amount of the gift. If the family member gives you more than $12,000 then the family member will have to file a gift tax return (Form 709). However, the family member will not actually have to pay gift taxes as long as the gift is $1,012,000 or less as there is a credit available to offset cumulative exess gifts of up to $1,000,000 over an individual's lifetime.
Bill and 2 other Tax Specialists are ready to help you

Related Tax Questions