2006-10-12 08:23:42 · 3 answers · asked by Charles N 1 in Business & Finance ➔ Taxes ➔ United States
No you do not have to pay tax on it.
If you gave any one person gifts in 2005 that valued at more than $11,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.
2006-10-12 10:58:00 · answer #1 · answered by RamsGod 3 · 0⤊ 1⤋
how can you pay tax on something that was given as a gift? I am sure you don't have to pay anything.
2006-10-12 15:31:06 · answer #2 · answered by c0mplicated_s0ul 5 · 0⤊ 2⤋
I am amazed that a guy watches the View!!
2006-10-12 15:33:01 · answer #3 · answered by ? 6 · 0⤊ 2⤋