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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2188
Experience:  IRS licensed Enrolled Agent and tax instructor
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We recievd a one time cash gift from my father in law when

Customer Question

We recievd a one time cash gift from my father in law when he sold his is not we report the income and where?
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. Gift tax is not taxable or reportable by the receiver. However, if the gift is more than 14K, you father in law will need to file a gift tax return. He will most likely not have to pay any gift tax but he would need to report it.
Expert:  emc011075 replied 6 months ago.
Any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 6 months ago.
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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