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June 1, 2019
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Gift from parents (money was reimbursed)

  • June 1, 2019
  • 1 reply
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My mom and dad bought a car for me as a gift. They live in Puerto Rico and flew to the US to buy the car for me. He paid $10,000 cash and then I paid about $18,000 with a personal check and then they reimbursed me the money with a check from their business (that they own). I received a letter that form 8300 was sent to the IRS for the $10,000 cash. Is there anything special I have to do when filling out my taxes?
Best answer by TomYoung

Their gifts are not taxable income to you.  There is no reporting requirement on your part. 

The Form 8300 reporting is routine when cash in amounts of $10K or more are received.  This is part of the government's anti-money laundering efforts. 

Tom Young

1 reply

TomYoungAnswer
June 1, 2019

Their gifts are not taxable income to you.  There is no reporting requirement on your part. 

The Form 8300 reporting is routine when cash in amounts of $10K or more are received.  This is part of the government's anti-money laundering efforts. 

Tom Young