Do I need to report the items I received to IRS and NJ. & where may it be reported?
* In more than one year, I helped my brother and his family financially, paid a bill at least, sent money, sent a gift card at least. Maybe partly intended in return to my good to him or and them, He sent me gifts. Do I need to report his gifts or and the support I gave him and his family on my State of NJ and Federal Tax returns?
Answers
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There is no deduction for gifts you gave to another person. You may be required to file a gift tax return if the gifts exceed the threshold. If these were loans and your family member repaid you, there is no tax impact unless interest was involved.
Gifts are not income to the person who received them; as previously stated, the donor of the gift may have to file a gift tax return.
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They were not loans. I was being helpful. I did not exceed the Threshold.
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And partly it could of been he wanted to show his appreciation for what I done, by sending me gifts, or and maybe it was not even because of that. I asked him, but he may wasn't sure if it was for that or not, but at least for my Birthday a couple years in a row. It was not common most recent years at least if not only for him to actually have birthday gifts shipped to me, but he did say he also does it for others too.
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