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I took on my sons debit 15 years ago of around $20,000 and…

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I took on my...

I took on my sons debit 15 years ago of around $20,000 and he gave me Christmas gift this year of (2) $10,000 checks one to my wife and one to me saying he and my wife and I would be ok tax wise due to the gift tax law. My question is what is my income tax liability if any for my wife and I and my son with this $20,000 and is there a way to reduce my liability or protect me from a huge tax liability I don’t know if it matters but I am retired

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don’t think so just I have been paying off this debt for 15 years because I put it mostly on credit cards

Submitted: 7 months ago.Category: Tax
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1/6/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,409
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

When you receive a gift you are not taxed on that amount. You do not have to report it either (unless thegiver is a nonresident alien and they give you $100,000 or more).

You are not liable for this gift.

If you son was paying you back on a loan then you are taxed on the interest in the payment.

As long as this was gift then yo are not required to do anything for tax purposes.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Hi, just checking back

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