taxes on gifts

taxes on gifts and dependancy ques.

I hope someone can help me...I have been looking everywhere to find out if I have to report my gift income. I received about $6000 in gifts last year, I am a student, and had no other income. My parents want to claim me as a dependent, but apparently they can only do this if I made less than a certain amount of money...Can anyone please tell me if I have to file a tax return, and do these gifts affect my parents ability to claim me as a dependent? Please ANY information would be greatly appreciated.
Thank You

You do not have to file any tax returns. There is no income tax on gifts received. The gifts could affect your parents deduction for you if you spent the money on your own support. They would be entitled to the deduction if they supplied more than half of your support. Only the money you actually spent on your own support is considered. Any money you received, which was not spent on your support is not considered. For more on this, see IRS Publication 17, Your Federal Income Tax, which you can download at the IRS site at: http://www.irs.ustreas.gov/forms_pubs/index.html

Thank you loku...I appreciate your help. I have another question for you if you have a chance. When you say "They would be entitled to the deduction if they supplied more than half of your support," what exactly is meant by "support"? I live with them, they buy my food and pay my tuition for college. Would all of these things be considered support. The only things I take care of are my car insurance and gas basically. I know without all of the information, it is hard for you to say, but based on this would you say that they would qualify to claim me? Thank you again for your help

You are right: without all the info I can not say if they are entitled to the deduction, but I can say that from what you told me, they probably would be entitled to it.

Publication 17, which I suggested you get has all the details you need to determine if they can take the deduction.