In the US
- a gift - is not taxable income
for the recipient and the donee does not need to report it to the IRS
There is no any amount limit.
Please see IRS publication 525 -
Gifts and inheritances
. In most cases, property
you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends
, or rents, that income is taxable to you.
The donor is subject of US gift tax regulations.That would be the donor who files form
709 - gift tax return
- not recipients of the gift.
The gift tax return is required when the total value of the gift is above $14,000 (for 2015) per person per year.
There will not be any gift taxes unless the lifetime limit of $5,430,000 (adjusted every year for inflation) is reached.
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