Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I am single, 48 years old and a full time student. If my mother and my significant other opt to give me
$1000.00 a month for support, do I have to claim this as income since they have already claimed it as part of their income?

Some clarification is needed. Do they both give you $1000 per month or do they give you a total of $1000 per month? If they each give you $1000 per month, they would have to file gift tax returns since it is in excess of the $10,000 limit per year. If they give you $500, then no gift tax return is required. In either case, you would not report it as income.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.