Although I have already consulted with my accountant about this one, I would like a second opinion:
Let's say I received a $12,000 gift last year in$1,000 a month increments last year. This income was earned by someone else and reported as earned taxable income on their returns. Let's say the gift was from my parents, and I am no longer claimed as a dependant on their taxes.
I havn't done my return yet this year, and I will report this income, but is it taxable? A person can receive up to $15K a year as a gift is what I've heard, or is that the amount someone can gift?
Advice?




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