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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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My mother wants to give me a substantial gift in cash. How

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My mother wants to give me a substantial gift in cash. How much can she give me without my having to pay taxes on it?

Recipients of gifts do not have to pay income taxes on gifts regardless of the amount they receive. However, if your mother gives you more than $13,000 then she will have to report it by filing a gift tax return but she will not have to actually pay any gift taxes unless the amount exceeding $13,000 plus any previous lifetime gifts she may have given you exceeds $5,120,000.

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