Gifts and Bequests
Learn how gifts and bequests are generally excluded from gross income, along with just how hard it can be to determine what is or isn't a gift.
In this lesson, we'll explore situations in which the value of property received via gift, will, or intestacy is excluded from gross income.
General Exclusion of Gifts and Bequests, Income Limitation
Generally, the value of any property acquired by gift, will, or intestacy is excluded from the recipient's gross income, meaning it's not taxable to the recipient. However, this exclusion doesn't apply to transfers of income from property, nor does it typically apply to the right to receive...