California gift tax laws or federal gift tax laws?
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My parents are planning on giving me a lump sum of cash to travel after I graduate from college in December. I was wondering, would I have to pay any taxes on that amount of cash? They are going to give me roughly $10,000 - $15,000. Will they have to report this on their tax forms? Will I need to report these on mine? Will we both be taxed?
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Answer:
You will not owe any taxes on the gift. The recipient never pays tax. If your parents are giving you the gift jointly, they may give you up to $24,000 without having to file a Gift Tax form. Even if they had to file the form, they would not be taxed on the gift - they would just have to report it. Enjoy your trip!
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