Have a Tax Question? Ask a Tax Expert
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
He would not have to pay income tax on it even if you did not marry.
The giver is required to pay any Gift Tax that would apply. You would need to report the gift because it is over the yearly limit ($14,000).
You still could use your Lifetime limit though (little more than $5mil) so you would not have to pay Gift Tax.
You would need to report the Gift (if you are not married in the Tax year) using Form 709.
My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.
After you read the above
Let me know if you need more info
Can you view the full post I sent you?
If we married this year and filed jointly, wouldn't these monies just be between husband and wife?
Yes, that is what I implied when I said "You would need to report the Gift (if you are not married in the Tax year) using Form 709.
Gifts between spouses are not a part of the Gift Tax reporting
I hope our CHAT has been helpful.
Did you need more info about reporting gifts?
To summarize:He pays no tax in either scenario, nor does he even report the gift.
You would report the gift if you are not married in the tax year. You can use your lifetime limit on gifts (if you are not married by year's end) so you would not actually pay tax on the gift.
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.You will find the request feature when you come back under your MY QUESTIONS section.
Your positive rating is always thanks enough.