<prompt> Human: I was lucky enough to have a family member who supports my dream of building my own home over time rather than over paying for a house with a 30 year mortgage. They gifted me a chunk of money to purchase the piece of land out right. Hour do I put this on my taxes at the end of the year? Is it income? How much should I be prepared to pay in taxes on this? What kind of tax write-offs can I put towards this? Thanks for any help  <response>: There is no federal income tax for gift recipients. You will owe nothing, dont pay anything, and dont have to put write-offs towards it.Minnesota and Connecticut tax some gifts, so youd have to look into that if you live in those states. 