Would I have to pay taxes on a gift from my parents? 5 Answers as of August 27, 2015

I will be receiving $26,000 this year from my parents in the form of a gift. Do I need to pay any taxes on this money?

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
You, as the recipient, do not pay gift taxes. The parents, as donors, would have to pay gift taxes, except that there is an annual exclusion of $14,000.00 for each parent, so they don't have to pay it either.
Answer Applies to: Illinois
Replied: 6/23/2015
Polsinelli Shughart PC | William B. Prugh
No gift tax is due on that amount, and income tax does not apply. The amount is close to the annual exclusion allowed for a gift to two individuals, so nothing needs to be reported either. But, it's good to ask and be sure.
Answer Applies to: Missouri
Replied: 6/22/2015
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
Assuming their total gifts to you are not over $28,000 this year, they don't even need to file a gift tax return. Gifts are received tax-free.
Answer Applies to: California
Replied: 6/22/2015
Vandervoort, Christ & Fisher, P.C. | James E. Reed
That would be a no.
Answer Applies to: Michigan
Replied: 8/27/2015
Ronald K. Nims LLC | Ronald K. Nims
No, gifts are not taxable income.
Answer Applies to: Ohio
Replied: 6/22/2015
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