Gift Tax

[Chublacka]

What is the name of your state (only U.S. law)? Maine

If I receive $10,000. though out the year must I claim it if the person who gave the gift doesn't claim it as a deduction on their taxes?

ThanksWhat is the name of your state (only U.S. law)?

 

[Antigone*]

What is the name of your state (only U.S. law)? Maine

If I receive $10,000. though out the year must I claim it if the person who gave the gift doesn't claim it as a deduction on their taxes?

ThanksWhat is the name of your state (only U.S. law)?

That is now how it works. You don't have anything to "claim" for receiving the gift.

 

[ShyCat]

If I receive $10,000. though out the year must I claim it if the person who gave the gift doesn't claim it as a deduction on their taxes?

(1) Gifts to individuals are not tax deductible.
(2) Gifts are not taxable income.
(3) The donor files a gift tax return, not the recipient.
(4) The current annual exemption amount for Federal gift tax is $13,000.
(5) Some states also impose a gift tax and have their own exemption amounts.