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Got retirement package this year of 35,000 plus unemployment

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for 1 year of 1450...
Got retirement package this year of 35,000 plus unemployment for 1 year of 1450. per month. My dad gave me a check for 25,000. I don't know if this will cost me in taxes. Is this non taxable gift or is this considered income to me?
Submitted: 8 years ago.Category: Tax
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Answered in 14 minutes by:
7/2/2009
Tax Professional: Bill, Enrolled Agent replied 8 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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The gift from your dad is not taxable to you and you do not have to report it. Since your father gave you more than $13,000 in 1 year, he is required to file a gift tax return (Form 709) but he will not actually have to pay gift taxes as there is a credit available to offset the taxes ($1,000,000 lifetime exemption amount on excess gifts). If your father is married and his spouse agrees to gift splitting, then gift taxes may not be issue even though the forms are required to be filed.

 

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

 

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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