QUESTION
Would I have to pay taxes on a gift from my parents?
Asked on Jun 22nd, 2015 on Taxation - Ohio
More details to this question:
I will be receiving $26,000 this year from my parents in the form of a gift. Do I need to pay any taxes on this money?
4 ANSWERS
That would be a no.
Answered on Aug 27th, 2015 at 7:03 PM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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You, as the recipient, do not pay gift taxes. The parents, as donors, would have to pay gift taxes, except that there is an annual exclusion of $14,000.00 for each parent, so they don't have to pay it either.
Answered on Jun 23rd, 2015 at 8:33 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Assuming their total gifts to you are not over $28,000 this year, they don't even need to file a gift tax return. Gifts are received tax-free.
Answered on Jun 22nd, 2015 at 3:48 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, gifts are not taxable income.
Answered on Jun 22nd, 2015 at 3:31 PM