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M
momma1
Level 4
January 30, 2020
Question

If a parent gifts $10,000.00 to one of their children who is married, do they report this gift as income on their tax return?

  • January 30, 2020
  • 10 replies
  • 27 views
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10 replies

IRonMaN
IRonMaN
Level 15
January 30, 2020

Nope

Slava Ukraini!
    TAXOH
    TAXOH
    Level 10
    January 30, 2020

    No.

      IRonMaN
      IRonMaN
      Level 15
      January 30, 2020

      Much shorter answer than me - I like it.  I hate when I get carried away with getting too wordy.

      Slava Ukraini!
        TAXOH
        TAXOH
        Level 10
        January 30, 2020

        I didn't have enough time for a long reply like yours.

          Just-Lisa-Now-
          Just-Lisa-Now-Intuit Community Champion
          Intuit Community Champion
          January 30, 2020

          Not income for them, not a deduction for parent.

          ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
            Accountant-Man
            Accountant-Man
            Level 13
            January 30, 2020

            There are seven ways of receiving money, and not all of them are taxable income.

            1) Earning it.

            2) Finding it.

            3) Investing it.

            4) Borrowing it.

            5) Inheriting it.

            6) Receiving a gift.

            7)  Stealing it.

            Guess which ones are taxable income.

            ** I am "Elevating with Intention!"
            M
            Mustard
            Level 2
            March 12, 2021

            Is it Earning finding investing stealing (lol) and inheriting? 

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