When and/or is a gift of money considered as part of gross income?

Full question:

When and/or is a gift of money considered as part of gross income?

  • Category: Gifts
  • Date:
  • State: Massachusetts

Answer:

Please see the information at the following links:


http://definitions.uslegal.com/g/gifts/

http://definitions.uslegal.com/g/gross-income/

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

No, gift money is not included in gross income for tax purposes. The IRS states that gifts are not taxable to the recipient, meaning you do not need to report them as income.