Financial gift from in-laws

[newton]

Hello

My wife received a check from each of her parents this week.  Each check was for $14K.

I just want to be sure I'm not obligated to pay any taxes on this??  I don't believe I am but wanted to be sure.

Thanks!

[Frankies Girl]

You/your wife owe nothing as it was a gift. Sounds like they were advised about the tax ramifications on their end, as the 14K is the gift limit/exclusion and does not require them to report the gift to the IRS.

Any taxes on a gift are due from the giver's end basically, but this amount is not enough to cause them to have to pay anything.

For further reading:

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

[newton]

You/your wife owe nothing as it was a gift. Sounds like they were advised about the tax ramifications on their end, as the 14K is the gift limit/exclusion and does not require them to report the gift to the IRS.

Any taxes on a gift are due from the giver's end basically, but this amount is not enough to cause them to have to pay anything.

For further reading:

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

Thanks for the info!  So I don't have to list on my taxes anywhere??

[SwordGuy]

Provided you are talking about US Income Tax, you will owe no US income tax on that money.

Depending on what state you are in, you may or may not owe state income taxes.