Do I have to report a gift of $5000?

Do I have to report a gift of $5000?

The gift tax is not an issue for most people That still doesn’t mean they owe gift tax. For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return showing an excess gift of $5,000: $20,000 minus the $15,000 exclusion equals $5,000. Mar 17, 2020