Gifts Received
A gift received is usually not considered taxable income. For example, if your grandfather gives you $500 in cash for Christmas, you do not report that on your tax return, and it is not taxable income.
If 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. See Gifts of Stock
If 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. See Gifts of Stock
