[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-3598":3},{"rec_id":4,"title":5,"text":6},"3598","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.\u003Cbr>\u003Cbr> \r\n\r\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. See \u003Ca href=\"/freefile2025/answers?faq=3529\">Gifts of Stock\u003C/a>",1777391538844]