Taxes on Gift?

[BQ2]

I have received a gift of $20,000 from my parents. Am I liable for income tax on this money?

 

[loku]

Gift tax

You are not liable for income tax on the gift. There is no income tax on gifts. Also, there is no gift tax to your parents on a $20,000 gift because there is a $20,000 annual exclusion for gifts given by a married couple.

 

[BQ2]

Thanks loku

Thanks for the quick reply.