2007-11-08 10:51:07 · 3 answers · asked by learning 1 in Business & Finance ➔ Taxes ➔ United States
$12,000 per person per year without dipping into the $2 million life time exclusion. If any of your family members are having trouble finding someone to give money to, have them email me. I'll be glad to help.
2007-11-08 10:53:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's not the person getting the money that owes the tax, it's the person giving it. It's the gift tax. The limit for the giver to not have to report the gift or to have to use up any of the lifetime exclusion is $12,000 per year. But the recipient can receive any amount without tax.
2007-11-08 19:00:24 · answer #2 · answered by curtisports2 7 · 1⤊ 0⤋
There's no limit on what you can GET and not have to pay tax on. The limit on what any one person can GIVE to another one person, family member or not, is $12,000 before you have to file a gift tax return, but having to file the return does not necessarily mean you have to pay gift tax.
2007-11-08 20:32:45 · answer #3 · answered by Judy 7 · 0⤊ 0⤋