[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-1615":3},{"rec_id":4,"title":5,"text":6},"1615","Is the gift I received considered taxable income on my tax return?","Usually not. For example, if your grandfather gives you $5,000 in cash for Christmas, you do not report that on your tax return and it is not taxable income.\n\u003Cbr>\u003Cbr>\nIf you received a gift of property such as a home or stocks, you usually have the same cost basis as whoever gave you the gift and would only recognize any income when you sell the property. \n\u003Cbr>\u003Cbr>\nFor example, let's say your grandfather gives you stock that is worth $10,000, which he purchased ten years ago for $2,000. If you immediately sell the stock, you will report a long-term capital gain of $8,000 on \u003Ci>Schedule D\u003C/i> of your tax return. \n\u003Cbr>\u003Cbr>\nThe rules for calculating cost basis for stocks or other property are complex, so consult a tax guide or the IRS website to help you determine what cost basis to use for property received as a gift. \n\u003Cbr>\u003Cbr>\nYou can find more information in IRS\n\u003Ca href=\"https://www.freetaxusa.com/taxes2025/formdownload?sid=18&form=f_pub_551.pdf\" target=\"_blank\">Publication 551\u003Cspan class=\"append_pdf\"> \u003C/span>\u003C/a>.",1777391591968]