Reply to gift tax?

Forum Index » Money and Finances

Reply to "gift tax?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I also have a question about gift tax.  Let say twenty different strangers each give me 15K/yr in gift tax for a total of 300K, do I have to pay tax on the 300K gift tax that I receive?
[/quote]

Great question. This must happen with some of those online fundraisers.[/quote]

Givers of gifts can give 16k per year to any individual without paying taxes or filing paperwork. Beyond that they need to file paperwork but do not owe taxes until they exceed the lifetime gift allowance of 11.7M.

Recipients of gifts never have to pay taxes. Recipients of payments for services or good do need to pay taxes since despite what you call them the IRS does not consider them gifts. So the music teacher cannot claim the money from the grandparent to pay for lessons was a gift. In terms of go fund me type things. The person giving the gift does not need to pay taxes. If the gift is to someone to pay their legal bills, the Recipient does not have to pay taxes, but the lawyer that ultimately receives payment for their services would. If the gift is to a lawyer so that the lawyer can defend someone else, then the IRS would likely consider that payment for services.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics