Throwaway because I don't want anyone knowing my financial situation.
In 2020, my godfather gifted me an incredibly generous amount of money (more than $200k, less than $500k) to purchase a home in cash. He did not want me to have a mortgage as I'm a single parent who "shouldn't have to worry about some bank taking your roof away" (his words). He straight up wired the money to me, and it sat in my bank account for about 2 weeks until I wired it to the lawyer for closing. I work full-time, salary is $60k. I'm in North Carolina.
Do I report this incredible gift on my taxes? Is there anything special I need to do to make sure I don't piss off the IRS?
And yes, I am insanely lucky. I honestly don't deserve this but that's a different mental struggle for me to figure out. Thanks for any advice!
Submitted January 21, 2021 at 12:26AM by throwawayluckyperson https://ift.tt/2XZ2jI6
