How Does Receiving a Gift Affect Taxes?

If someone gives you a gift, you generally don't pay any tax on it — the giver is responsible for any gift tax, not the recipient. In 2024, givers can give up to $18,000 per person per year without filing a gift tax return (the annual exclusion). Gifts above that amount require the giver to file a return, though they usually don't owe tax until they've exceeded their lifetime exemption. Gifts of cash from a foreign person above $100,000 require you to file Form 3520. Inheritances and gifts are generally not included in your income.