Is a gift of money considered income 2024?
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Studied at the University of Melbourne, Lives in Melbourne, Australia.
The most common confusion surrounds who pays the gift tax. It is the person who gives the gift who is subject to the tax and has to report it to the IRS. The gift that you received is not considered income but could have some gift tax liability for the giver. ... The person receiving the gift does not report it.
2023-05-12 00:39:42
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Cole Martinez
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The most common confusion surrounds who pays the gift tax. It is the person who gives the gift who is subject to the tax and has to report it to the IRS. The gift that you received is not considered income but could have some gift tax liability for the giver. ... The person receiving the gift does not report it.