If grandmom gives you $14,000 in cash in 2014 so that she can use her annual...
If grandmom gives you $14,000 in cash in 2014 so that she can use her annual exclusion, what are the tax consequences to you?
Homework Answers
According to the IRS, the annual gift tax exclusion limit is $15000 in 2018 onwards, however from 2014 till 2017 that limit was $14000. This means that if your gift exceeds the $14000 annual threshold, it must be reported as a taxable gift under Form 709. However you are not required to pay tax on gifts that are less than the annual exclusion limit. Thus since the amount received from grandmom falls within the limit of exemption, there will be no tax consequences for you.
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If grandmom gives you $14,000 in cash in 2014 so that she can
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