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Good news, your gift* is not taxable. It is not subject to gift tax, and it is not subject to income tax. The receipt of a gift is not taxable.
The gift I received was over $13,000; do I have to file a gift tax return?
The answer is no. Recipients need not file gift tax returns.
*A gift is defined as something bestowed or acquired without any particular effort by the recipient or without being earned. Prizes and awards are not considered gifts although they may appear as such. For example, Oprah's "gifts" to her audience (remember the free cars) were classified as awards and were taxable. Also stipends, tips and bonuses are not gifts, but instead are considered taxable compensation to the recipient.
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