Gifts counted on 1040EZ?

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Does the value of gifts received by filer have to be reported on the 1040 or 1040EZ? In other words, are gifts taxable? Thanks

2006-08-12 07:17:56 · 3 answers · asked by ebillar 1 in Business & Finance ➔ Taxes ➔ United States

Gift taxes are paid by the donor. See the flowing article from the IRS.
http://www.irs.gov/newsroom/article/0,,id=107815,00.html

2006-08-12 08:51:33 · answer #1 · answered by STEVEN F 7 · 2⤊ 0⤋

Gift taxes are not taxable to the person receiving the gift: if they are due, they're paid by the donor. And only very large gifts incur a gift tax.

2006-08-12 20:00:37 · answer #2 · answered by Judy 7 · 1⤊ 0⤋

normally the gift tax is paid by thedonor

2006-08-12 14:28:59 · answer #3 · answered by titanbooboo 3 · 2⤊ 0⤋