My father is going to gift 11,000.00 per year to myself, my wife, and my son(12 yrs old) and I am wondering is this taxable on my end as income?

Zip Code: Anonymous

Gifts are not generally considered income to the recipient. Instead, if your father makes a gift to you and your family in excess of the $11,000 per person per year limitation, he would be subject to the "Gift Tax", and would need to have a discussion with his CPA about how that would impact his financial situation.




When you receive a gift, if the gift you receive is appreciated property instead of cash, you might be subject to taxes at such time that you sell the property. In this situation, the gain is based on the price at which your father acquired the property, not at its value when you received it.

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Replying to:

My father is going to gift 11,000.00 per year to myself, my wife, and my son(12 yrs old) and I am wondering is this taxable on my end as income?

Zip Code: cpa@mdtaxes.com