Do you pay income tax on a gift from your brother or sister?

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1180435

2026-04-04 22:00

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You don't pay income tax on the receipt of the gift.

However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift.

Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.

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