2007-02-07 00:38:41 · 5 answers · asked by NEICIE 1 in Business & Finance ➔ Taxes ➔ United States
It can depend on the amount of money, and the source of the funds (someone writing a check to you versus giving you some type of investment).
The best thing is to contact a financial advisor in your area who knows about gifting money. There process in which it was gifted will determine the taxable-answer.
2007-02-07 00:47:08 · answer #1 · answered by Jim I 5 · 0⤊ 3⤋
No, gift taxes are never assessed on the person receiving the gift. If the amount of the gift exceeds the exempt amount, then gift tax is assessed on the person giving the gift.
2007-02-07 00:41:40 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋
The only way you would have to pay taxes on it is if it was an inheritance. A gift from a friend isn't taxable otherwise
2007-02-07 00:47:07 · answer #3 · answered by ? 5 · 0⤊ 1⤋
No, gift taxes are assessed on the giver, not the recipient.
2007-02-07 01:49:31 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
no
2007-02-07 00:45:48 · answer #5 · answered by glamour04111 7 · 0⤊ 0⤋