Q: If my mom were to give me $10000 as a gift. Would the irs come at me for suddenly possesing and spending $10000?
I read she doesnt have to file a gift tax return if the amount of gift is under $14000. My mom claims me on taxes. I currently have no job. Would I be okay to just put $10000 into my bank account without having to pay taxes on it if it's a gift?
A:
If it is a gift, then you do not need to pay any taxes on it. If you currently have creditors or if you owe the IRS, you may need to be concerned about their ability to seize this money once it is in your account. But if you are just concerned about how to explain the appearance of $10,000 in your bank account, you can get a letter from your mother explaining that this is a gift and keep that with your records.
You are correct that this is below the gift tax filing threshold.
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