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snoricel | Each of my parents have been gifting me $10,000 for the past ten years. How do I prove it was a gift? |
How do I prove that each year they gave me 10,000 each. As it stands, the gifts were kept as cash and only recently did I deposit the whole lump sum into a CD. How do I prove to the IRS that the CD was the result of 10 ten years worth of tax-exempt gifts? |
 |
 
Michael P
|
You sound like you don't have any proof. Any written papers from you parents, which state each of them gave you $10,000 every year - I am sure it's a good proof.
Gifts you receive aren't considered income. It doesn't matter how large they are. You don't report them on your income tax return in any way.
There are a couple of important qualifications on this simple rule:
True gifts. This rule applies only to true gifts. You can't avoid paying income tax by calling something a gift when it isn't. For example, a "gift" you receive in exchange for services or some other consideration isn't a gift.
Income after gift. If you receive a gift of property that produces income, you must report any income produced after the gift. For example, if you receive stock as a gift, you must report any dividends paid on that stock after the gift.
You can find more info in:
http://www.fairmark.com/begin/gifts.htm |
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tma
 |
that sounds a little shady to me, but there should be some proof of the gift. thats why it is always good to have a "trail". your parents should have written checks to you. they do not owe tax either way so they had nothing to hide. these gifts were tax exempt for both you and your parents. if your parents gave you a cash gift and you kept the cash gift for all those years without depositing it, i dont see how you can prove anything.
by the way, the gift tax exemption is now $12,000. so you can now receive up to $24,000 ($12,000 from each parent) without having any tax consequences. please have your parents write checks or have the money wired to your account in the future! |
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Judy1
 |
Where did you have the money for those 10 years? If you're going to try to convince the IRS that you had it stuffed in your mattress or buried in the back yard, you're probably going to have big problems. Otherwise, there should be some records you can show of when it came in, and that it came in gradually. |
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Bobby O
 |
well if your parents are alive you can have them draw up sworn affidavites, or you can try to prove so by withdrawls from thier respective bank accounts.. if you have none of this i would say your screwed and going to have to pay the tax |
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STEVEN F
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If you can prove you received the money from your parents, it is up to the IRS to prove it was not a gift. Why would you keep over $90,000 in cash? Ignoring the risk of theft, you lost thousands in potential income. |
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Chicken C
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have sex with an irs agent |
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Mariska
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Did they take $10K out of a bank on a specific date each year & then hand it over, or was it in smaller increments throughout the year. They could have done what MANY older people do...squirrel away cash out of each check & hide it in their homes. Then when it reaches certain milestones (e.g. $1K, give it to family members to help them out or as gifts, etc.).
Depending on how old your parents are, the scenario laid out in the previous paragraph is going on everyday. I know older people that do this. If such is the case, and they are alive, you can type them a letter to sign. It'd be great if it was notorized.
The bigger question is where you had it over that time period (that's what makes it suspicious to me--especially if you were short of cash to pay your expenses, etc.). |
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kymykat
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There is obviously alot of 10,000 gift giving going on cause just down the page is a very similar question and according to it for those years that your parents gave you the gift they should have been paying tax on it. Therefore they should have proof of these "gifts". |
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Ha Ha
 |
I think you are lying and fishing for an excuse in case you get a visit from the IRS. |
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