Do I Have to Pay Taxes on a Gift I Received?

If someone gives you money or property as a gift, you generally do not owe income tax on what you received — gifts are not considered income for the recipient. However, the person who gave the gift may have obligations: the IRS requires the giver to file a gift tax return (Form 709) if they give more than $18,000 to any one person in 2024, though they typically won't owe actual tax unless their total lifetime gifts have exceeded the federal lifetime exclusion amount (currently over $13 million). The recipient is almost never the one responsible for the gift tax — that's the giver's liability. There are a few exceptions to the general rule that gifts aren't taxable income: if someone gives you property that generates income (like a rental property), the income that property earns going forward is taxable to you. Also, gifts from employers are usually treated as taxable compensation rather than true gifts, even if the employer calls them a gift.