purchased medical ins. through marketplace in NY. the premium was subsidized. ins. was cancelled as txpyr went on Medicare in July. Txpr will receive a large gift (in dollars) from mother in December. Will the gift income cause a repayment of subsidy when filing taxes.
tks all
No.
If it's a true gift, it is not taxable income and you do not report it on your income tax return.
If the gift is more than $14,000, the mother will have to file a gift tax return. She will not have to pay any gift tax unless she has given a lifetime total of over $5,450,000 to all recipients combined, but she still has to file the return. The gift will reduce her estate tax exclusion.
Bob Sandler
Have something to add? Share your thoughts — no account required.
Ask the community — no account required