Gift Tax (Recipient)

If I am the recipient of a gift under $11,000, do I need to file any income tax form to document the gift amount? What about for a gift over $11,000?

Detroit, MI

There is no income tax on gifts; therefore, you do not have to show the gift on your income tax return. If the gift is $11,000 or less, no gift tax return is required. If the gift is over $11,000, the person who gives the gift is required to file a gift tax return; however, there is a lifetime exclusion of $1,000,000, which is credited against any taxable amount.