My mother is gifting me $11,500 and I am wondering if I deposit the check into my account will I have to pay taxes on it?
It seems that her gift is below the amount that can be excluded from federal taxes, those not reportable as income on your return. If you are subject to a state income tax, the gift may be taxable at the state level. You should check with a qualified tax advisory service to get a definitive answer.
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It seems that her gift is below the amount that can be excluded from federal taxes, those not reportable as income on your return. If you are subject to a state income tax, the gift may be taxable at the state level. You should check with a qualified tax advisory service to get a definitive answer.
