Do you have to claim financial gifts on tax return
In the United States, recipients of financial gifts generally do not have to report the gift as income on their tax return. However, there are important considerations for the person giving the gift: ### For the Recipient - **No Income Tax**: Gifts received are not considered taxable income, so you do not need to report them on your federal tax return. ### For the Giver 1. **Gift Tax**: - The person giving the gift (the donor) may be subject to gift tax if the amount exceeds the annual exclusion limit. For 2023, the annual exclusion is $17,000 per recipient. This means you can give up to $17,000 to any number of individuals without incurring gift tax or needing to file a gift tax return. 2. **Lifetime Exemption**: - If a gift exceeds the annual exclusion, the excess amount counts against the donor's lifetime gift and estate tax exemption, which is $12.92 million for 2023. The donor must file Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) to report the gift. 3. **No Immediate Tax**: - Most people do not pay gift tax out of pocket because the lifetime exemption is quite high. However, large gifts must still be reported to the IRS to track the use of the lifetime exemption. ### Special Considerations - **Educational and Medical Expenses**: Payments made directly to an educational institution for tuition or to
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