If my dad gives me a gift of $10,000 do I have to include it in my gross income when I file my tax return?

Question

If my dad gives me a gift of $10,000 do I have to include it in my gross income when I file my tax return?

Answer 1

The gift tax applies to the donor, not the recipient.  A small gift of $ 10000 does not require the filing of a gift tax return.

Answer 2

No, it's a gift, it's not earned income. Gifts are not taxable.

Answer 3

No. For 2007 tax year, the person who receives the under $12,000 gift does not have to report the gift to the IRS or pay gift or income tax on its value.

Answer 4

No, if it's a gift you don't have to report it, and he doesn't have to either since it's under $12,000.

Answer 5

It depends.

Do you work for your dad at his business?

If yes, it's not a gift, it's income.

If no, it's not taxable.