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That is why some Citibank customers have been receiving 1099-MISC statements. They signed up for a bank account and as part of the marketing to get new customers to sign up they were given 25,000 to 30,000 airline miles. Since these miles are considered a gift and not a reward, they are deemed as taxable income.
However, if you gave $14,000 to Friend A, but $15,000 to Friend B, you would then be taxed on that $1,000 gift to Friend B. (So, as you can see, unless youâre regularly throwing around five-figure gifts, the gift tax limitations will exclude the gifts most of us give and receive).13,000 given by your father to you in one year is not taxable and does not have to be reported to the IRS. If he gives you more than $13,000 in a year, that âmoreâ is reportable (by your dad) on Form 709. Reportable is not the same as taxable.