does gift money add to tax return total?

[PrincessHalo 7]

i have a question, does money i include as gift add to your total money made on your tax return?

anything to help boost my total made for the year so i can meet the poverty line. does anyone have knowledge in tax returns?

[Reyan 56]

You should read up on IRS publication 950.

http://www.irs.gov/publications/p950/index.html

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes

[PrincessHalo 7]

hm so it looks like the giver is taxed? i am still not seeing how i can apply it to my tax return as income received?

[LeftCoastLady 441]

hm so it looks like the giver is taxed? i am still not seeing how i can apply it to my tax return as income received?

It would depend on the source of the gift and the reason for the gift. But yes, in most cases, only the giver is responsible for reporting it to the IRS.

[Reyan 56]

Gifts are not considered income, so typically it is not reported on your tax return. Where is the source of the gift coming from? If foreign based, then see the below link if you would need/be able to report it on your tax return:

http://www.irs.gov/uac/Form-3520,-Annual-Return-To-Report-Transactions-With-Foreign-Trusts-and-Receipt-of-Certain-Foreign-Gifts