How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15309
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

If a person receives a cash gift of $15,000 or more is there

Customer Question

If a person receives a cash gift of $15,000 or more is there a special Federal reporting requirement and payment of tax ?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


The receiver does not pay tax on a gift. The only reporting requirement by the receiver would be if they receive a gift from a non US person that is $100,000 or more. If that happened then the receiver (if a US person) would use form 3520 but still no tax to pay for the receiver.

The giver if a US person would have to report any gift to one person if $14000 or more. That is done using form 709.

You are required to click a positive rating if I am to be credited with the response.
You have to actively click on a rating and click submit. Smiley Faces or Stars.

Expert:  Robin D. replied 1 year ago.

Checking to see if you responded