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Question for the Money Doctors

Question submitted on Jan 10, 2011.

Question

I received a gift of cash in 2010, in the amount of $20,000.
Do I need to declare this as income on my taxes this January? The entire amount, or just a portion?

Thanks

Answer

No.  A recipient of a gift does not have to include the gift into income.  Rather, it is the person who gave the gift that may have to report the gift (not as income, though).


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