Ask Terry Questions Gifted money

Gifted money

By Terry Savage on February 27, 2023 | Wild Card

Hi Terry.
My wife and I were gifted $17,000 each from her mother last year. Will we have to pay taxes on that money?

Terry Says

No. A gift is tax free to the recipient. And that is within the allowable annual gift amount, so her mother does not have to report it either!



a personal
finance question