how much would my tax be on a $100,000 gift?

Answer 1

I need to make a few assumptions to answer this question.
1) You are giving the gift.
2) You are not married.
3) You have already used up your lifetime exemption at $1,000,000 for gifts.

In that case, you would be taxed on $88,000 (100,000 minus the 12,000 allowance for gifts to a single person in 2007).

The tax due on that $88,000 gift would be $20,440

You would file that on IRS form 709

I hope that helps.

Answer 2

Nothing if you are receiving it, possibly nothing if you are giving it. If any one person gives any other one person over $12K in a year, they have to file a gift tax return, but have a $1 million lifetime exemption from paying gift tax on their gifts.

Answer 3

$0.00

Gift taxes are paid by the giver, not by the receiver.