2006-11-14 09:09:20 · 7 answers · asked by Loving Life 1 in Business & Finance ➔ Taxes ➔ United States
Taxpayers who have given gifts exceeding $11,000 in value to a single individual must report the total gift amount to the Internal Revenue Service (IRS). The giver may owe taxes on the gifts. The recipient, however, does not have to report or pay taxes on the value of the gift. Individuals who need to file a gift tax return should use Form 709:United States Gift (and Generation-Skipping Transfer) Tax Return.
2006-11-14 09:14:37 · answer #1 · answered by baby13 1 · 0⤊ 1⤋
NO, only the giver has to pay taxes on gifts of more than $12,000. (note this amount changes every year)
2006-11-14 18:30:09 · answer #2 · answered by TXBLKGRL 3 · 0⤊ 0⤋
Legally yes, but you really don't have to. You could deposit up to $9,999 into your bank account. Once you hit $10,000 in your account, that is when the government starts checking into it. If you get $10,000 cash as a gift and you don't deposit it, noone would ever know.
2006-11-14 17:14:19 · answer #3 · answered by Billys girl 3 · 0⤊ 1⤋
No.
"Gift Taxes" are paid by the giver and only rarely.
2006-11-14 17:11:48 · answer #4 · answered by Wayne Z 7 · 0⤊ 1⤋
11,000 IS THE LIMIT FOR GIFTS
2006-11-14 17:16:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Who are you telling??? Must be alot!!!!
2006-11-14 17:10:48 · answer #6 · answered by just lQQkin 4 · 0⤊ 1⤋
Not if it's cash. ;)
2006-11-14 17:16:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋