2007-04-12 14:30:25 · 7 answers · asked by Sue C Q 1 in Business & Finance ➔ Taxes ➔ United States
to all who says the receiver would owe no taxes on it....
i say ARE YOU SURE?? ARE YOU REAL SURE
2007-04-12 21:49:19 · answer #1 · answered by amazed 3 · 0⤊ 0⤋
It depends on what the gift is. If it is an inheritance, the taxes may already be paid. If it is lottery winnings, they it would be taxed at a rate off the tax tables (and watch out for that alternative minimum tax).
2007-04-12 21:39:33 · answer #2 · answered by kny390 6 · 0⤊ 1⤋
The recipient doesn't pay a tax on a gift. Fpr large amounts, the giver might be liable for a gift tax.
2007-04-13 03:53:36 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
You are not liable to pay gift taxes. Gift taxes are paid by the donor. The donor would need to file Form 709 with the IRS.
http://www.irs.gov/pub/irs-pdf/f709.pdf
2007-04-12 21:43:07 · answer #4 · answered by tma 6 · 0⤊ 1⤋
$0. Gifts are not taxable to the person who receives it. The income you earn from the gift after you have received it is taxable, but not the gift.
2007-04-12 22:15:22 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It ain't your problem. Gift taxes are paid by the donor.
2007-04-12 23:32:02 · answer #6 · answered by squeezie_1999 7 · 0⤊ 1⤋
$1,000 to the US government
$140,000 to Rudolf Clausius for being ruler of the universe
2007-04-12 21:34:30 · answer #7 · answered by Anonymous · 0⤊ 4⤋