what is a gift tax and who is responsible for payment?

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what is a gift tax and who is responsible for payment?

2007-03-26 22:23:00 · 3 answers · asked by Jonnie G 1 in Family & Relationships ➔ Family

3 answers

A gift tax is for something you received and you are the one who is responsible for the tax on it. Usually it is a large item, such as a car, a boat, no just little presents.

2007-03-26 22:28:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋

The person who is GIVING the gift must pay the tax. See http://www.irs.gov/businesses/small/article/0,,id=98968,00.htmll

2007-03-26 22:53:37 · answer #2 · answered by Jacques 4 · 0⤊ 0⤋

Go to the IRS web site, they will have the correct answer for you.

2007-03-27 09:55:08 · answer #3 · answered by KJ 1 · 0⤊ 0⤋