My parents plan to give me a gift of money (fairly...

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My parents plan to give me a gift of money (fairly large amount) they sold their home and want to help me out. Do I have to claim this money my income taxes?

 
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Highlighted
New Member

My parents plan to give me a gift of money (fairly large amount) they sold their home and want to help me out. Do I have to claim this money my income taxes?

Gifts are generally not taxable.

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