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I don't have to file income tax anymore as I live on social…

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I don't have to...

I don't have to file income tax anymore as I live on social security (it's under $17,000 /yr). However if my granddaughter wants to give me $700/monthly as a gift does that mean I would have to claim that as income and file taxes?

Submitted: 1 month ago.Category: Tax
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3/10/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

The money from your granddaughter is a gift and does not have to be reported by you or her. The current rules regarding gifts is that a U.S. person can gift another person $15,000 without creating a taxable event, meaning, having to complete tax forms. Now, as the amount that your granddaughter wants to gift you is under the $15,000, she does not have to complete a Form 709 (Gift Tax Return), which she would have to do if the gift amount exceeds $15,000.

For more detailed information regarding gift taxes, you can refer to the IRS Pub 950.

https://www.irs.gov/pub/irs-pdf/p950.pdf

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