Legal Question in Tax Law in Pennsylvania

If I received $10,000 worth of mutual funds as a gift from my mother, do I have to claim that amount as taxable income when filing taxes?

Asked on 2/01/13, 7:08 am

1 Answer from Attorneys

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No. Gifts are tax-free to the recipient. If she made other gifts to you that year, your mother may have to file a gift tax return, but there is no tax to you. Feel free to contact me with any questions or concerns at 215-367-5110.

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2/01/13, 9:30 am

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