2007-07-09 14:42:14 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Matthew is correct. The recipient never pays gift tax, regardless of the size of the gift. The donor may have to depending upon the size of the gift and the donor's lifetime gift-giving record.
Don't know who the idiot was who gave him a thumbs down.
2007-07-09 16:49:17 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
For federal purposes you may receive a gift of any amount with out being subject to income tax. The giver may have some consequences for a gift above $12,000 to a single person but not the receiver.
2007-07-09 15:41:25 · answer #2 · answered by ? 6 · 4⤊ 1⤋
The recipient does not pay present tax, and does not document presents to the IRS no rely how great. The GIVER is the only that has the criminal duty to document a present day tax return on a present day over $12,000 to anybody individual in a year - present tax could desire to or could desire to no longer be due - no rely if this is, the giver will pay it.
2016-10-01 06:38:08 · answer #3 · answered by northcott 4 · 0⤊ 0⤋
Mathew has the correct answer, and Bostonionimo is correct to agree with him - the other answers so far are just plain WRONG.
2007-07-10 00:08:44 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Not 100% sure but I believe it's $5000
2007-07-09 14:49:48 · answer #5 · answered by Anonymous · 0⤊ 3⤋
I'm not 100% sure, but I think you can receive $10,000.00 as a gift and you do not have to report it to the IRS.
2007-07-09 14:53:13 · answer #6 · answered by Anonymous · 0⤊ 4⤋
you have to pay taxes on any gift recieved
2007-07-09 15:50:37 · answer #7 · answered by Anonymous · 0⤊ 3⤋