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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15309
Experience:  15years with H & R Block. Divisional leader, Instructor
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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.

Hello

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.

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Expert:  Robin D. replied 1 year ago.

Checking to see if you responded