How about if it is from many different people. What is the limitations before being taxed?
2006-10-10 12:54:15 · 5 answers · asked by Noshow 1 in Business & Finance ➔ Taxes ➔ United States
If you receive a gift, you don't pay taxes. The giver can give up to 12,000/year without filing a gift tax return. If a gift tax return is required, a 'Unified Credit' is available to eliminate taxes on $1,000,000 of gifts over the givers lifetime.
2006-10-10 15:39:54 · answer #1 · answered by STEVEN F 7 · 2⤊ 0⤋
If you receive a gift in any amount it is not taxable. If you give a gift to a single person greater than $10,000, you may be subject to gift tax.
2006-10-10 21:12:34 · answer #2 · answered by David W 4 · 2⤊ 0⤋
eleven thousand dollars per year by an individual. So, many people can give you this amount.
2006-10-14 19:58:37 · answer #3 · answered by Anthony M 1 · 0⤊ 0⤋
12,000
2006-10-11 18:37:21 · answer #4 · answered by linluv2001 2 · 0⤊ 0⤋
from what i have heard it's 5.000 but i'm not positive.
2006-10-10 20:32:36 · answer #5 · answered by BIGL 4 · 0⤊ 3⤋