Sorry, I am at a disadvantage, I do not know your name. Thank you for requesting my assistance again. Yes, another tax year...I hear you on that one. As for the $45,000 rec'd as a gift from your mother, gifts are not taxable to the receiver, only to the donor...when taxation
is applicable. There is nothing that you need to do, it is not taxable, nor do you have to report it. However, as the gift amount exceeds the $13,000 annual gift exclusion, your mother will need to complete a Form 709 (Gift Tax Return
). This is an informational return which is required by the IRS when a gift is given over the annual exclusion amount, which again is $13,000 per person per year.
Link to Form 709/instructions:
Please let me know if I can be of further assistance to you regarding this matter.
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