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Question

Asked 1024 days ago by a user from Indianapolis, IN

Do I have to pay taxes on a 20,000 dollar gift from my parents?

My parents want to give me 20,000 dollar gift, do I have to pay taxes on that money? Each parent will write a check for 10,000 dollars each. I am currently recieving disability for a bad back and do not want to effect my disability. As long as the money are not subject to taxes, my disiability will not be effected, so just need to know if this money would be taxable for me?

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Answers

Answer 1 of 1 - Answered 1023 days ago

Tyler C. Murray Esq. - Lawyer from Denver, CO

A gift is not taxable to the recipient, therefore you are able to receive this money without it being subject to tax. $10,000 is currently less than the annual gift tax exclusion,($13,000 for 2011 & 2012) so the donor (your parents) do not have gift tax implications either.

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