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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
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How much money for material aid I can recive from my

Resolved Question:

How much money for material aid I can recive from my family in one year? Does that consider as income? Should I pay taxes?
Submitted: 9 years ago.
Category: Tax
Expert:  Bill replied 9 years ago.
If you are receiving cash gifts from your family then you do not have to report it as income nor pay taxes on the gifts. However, if each of your parents are giving you more than $12,000 in a year, then your parents are required to file gift tax returns (Form 709). They will not have to actually pay gift taxes until their individual excess gifts exceed $1,000,000 over their lifetimes.
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