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I have recieved a 10k gift from a family friend, and another 9k from a different family friend all for a car. When it comes to tax season, do I need to claim anything on these gifts? And do the donors need to file anything, since both of the amounts are under the allowed tax free 14k limit, what is necessary so I do not get audited?

  • Gift taxes, if applicable, would apply to the donor, not the recipient. (I'd also add that unless you are trying to cheat on your taxes, an audit is as likely to find something in your favor as something against you, and for an individual it's usually pretty straightforward; it's a nuisance, not something to be especially afraid of.) – keshlam Oct 4 '15 at 1:40
  • Was the gift a check or cash? does either friend run a business and did you do anything to help your friend? – mhoran_psprep Oct 4 '15 at 12:16
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Neither you nor the donors need to file any tax returns on the matter. Keep the paper trail to show in case of an audit.

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