2007-07-05 03:13:27 · 5 answers · asked by kim p 1 in Business & Finance ➔ Taxes ➔ United States
Gift taxes are paid by the giver, not the receiver.
People can give up $12,000 per individual annual and not have to file a gift tax return. Amounts over $12k require a gift tax return though they may not owe any gift taxes.
2007-07-05 03:19:57 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
There is no Federal "gift" tax. There may be some sort of state gift tax depending on the state that you or the giver live in. There can be Federal income tax implications to the giver but never the receiver.
2007-07-05 10:57:02 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Unlimited. If Bill Gates gave you all of his wealth, you wouldn't owe a dime in taxes on it. Gifts are taxable to the donor, never the recipient.
2007-07-05 11:15:20 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
ANY AMOUNT the person receiving does not pay any taxes when they receive a gift. so billions if each person you know gives u 12K a year.
2007-07-05 10:26:48 · answer #4 · answered by blktan23 3 · 0⤊ 0⤋
Any money recieved from anywhere is taxable according to the IRS and needs to be reported. They say you need to report it even if it is $10.
2007-07-05 12:41:04 · answer #5 · answered by swinger_girl_kelley 2 · 0⤊ 2⤋