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

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Do I have to pay taxes on gift money received from a family member?
Submitted: 9 years ago.Category: Tax
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9/16/2008
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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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
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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