Ask your Accountant: Family Gifts

Dec 5, 2019 | Tax

Taxes on Gifts from Parents

My parents gave me a gift of $100,000. How do I pay the taxes due?

The good news is that you don’t owe any taxes on gifts that you receive. Gifts are not considered income for either federal or New Jersey income tax purposes. However, if you are making a gift, contact your accountant about any reporting requirements.

Contact us to learn more.

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