Trevor received a gift of $25,000 in cash from his rich uncle. Trevor must include $15,000 of this gift in his gross income this year.

Name: Trevor received a gift of $25,000 in cash from his rich uncle. Trevor must include $15,000 of this gift in his gross income this year.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Gifts are not considered taxable income by the IRS, so Trevor does not need to include any part of the $25,000 gift in his gross income.

Trevor Received a Gift of $25,000 in Cash from His