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I received a $65,000 cash gift from my parents in 2012. Do I need to report this as income? I am married filing jointly.

If I do need to report this as income or something else, where do I do that?

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If this was money given to you from a trust your parents setup for you or part of an inheritance, then no. Their Estate would handle any "gift tax". If this is not the case, since it was given to you in cash, any "gift" amount over $10,000 is taxable. There is a distinct difference between a gift and income. It is better to be safe than sorry so I would discuss this matter with an accountant or even a call to any bank can assist you with a more definitive answer.

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Yes I do believe so. Talk to your tax person.

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no no no, why in the world would you want to do that? It was cash. Government gets enough already off of me.

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There is a gift tax yes.

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