The gifter and the recipient are not related, just friends and the gifter is coming into a large sum of money and wishes to give gifts of cash to family and friends.
2006-12-19 03:44:37 · 7 answers · asked by stuvwertx9 2 in Business & Finance ➔ Taxes ➔ United States
No gift taxes due. First the giver is allowed to deduct 12,000 per donee per year. Then the giver is allowed a 1 million deduction for the excess gifts. The giver will have to file a Form 709 to prove all of this. The donees pay nothing and file nothing.
2006-12-19 06:22:08 · answer #1 · answered by spicertax 5 · 1⤊ 0⤋
Wow, what a deal!
There is no tax to the recipient.
With amounts like that being given to multiple people, the gifter might be liable for gift taxes. If someone has that kind of money to give away, I'd assume they already have an accountant - he or she should ask the accountant what the tax implications are.
2006-12-19 04:07:40 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
as long as i ought to bathe on a daily basis, convinced. i do not get very dirty and also you haven't stated some thing about staying sparkling less than the garments. in spite of the undeniable fact that, if i presumed i ought to carry out for 10 million, i'd carry out.
2016-11-27 20:05:38 · answer #3 · answered by ? 4 · 0⤊ 0⤋
looks like no one else answered this for you. if you have that much you can afford to ask a paid accountant, or look on irs.gov
you will see that there is a gift tax payable for gifts in excess of $12,000 per person per year. i don't know the rate, but expect a very high payment.
2006-12-19 05:58:41 · answer #4 · answered by Ovrtaxed 4 · 0⤊ 2⤋
Gift taxes are paid by the Giver, not the Receiver.
2006-12-19 04:05:28 · answer #5 · answered by Wayne Z 7 · 2⤊ 1⤋
Long-lost Cousin Stu? Is that you?
2006-12-19 03:52:11 · answer #6 · answered by Anonymous · 2⤊ 1⤋
well, i'll pay all the taxes if ur friends gave it 2 me, lol
2006-12-19 04:01:25 · answer #7 · answered by Mario 2 · 0⤊ 1⤋