How much of a financial gift can i receive without reporting it as income?

If I receive a financial gift from a relative, how much can I receive without having to claim it as income? As I understand it, they can gift up to $12,000 without having to report it. I'd like to have that confirmed as well. Thanks!|||Infinity dollars. Gifts are not taxable to the recipient. It's NEVER income to you.|||You don't have to report it, a gift is not income, although it may be support

It might prevent you from claiming you provide MORE than half your own support or MORE than half the cost of providing a home for self and dependents, though



The rich relative can give you up to $13000 per year without tax consequences, and if they give more MUST pay gift tax on it|||gifts are not taxable to the recipient|||BittenApple gives the best answer above. The level for a donor filing a gift tax return is now $13K. Even if a return must be filed, however, no tax will be due unless the donor has used up his lifetime exclusion of $1M.|||You can receive any amount - there is no consequence to you at any level.





The gift or can give up to $12,000 to any one person without filing a gift tax return. This is slightly changed if a married couple is doing something called 'gift splitting', but in your question the $12,000 is right.





You should also know that even if the gift or has to file the gift tax return, they will usually not have to pay any tax due to a large credit that is available. The only time a gift tax would be owed is after the credit is used up, which gets complicated but generally means the gift or has given millions of dollars in gifts over their lifetime.





Hope that helps.