Do I pay taxes on cash gifts?
Are gifts to ministers taxable income?
Do native Americans pay taxes?
Do you have to file a 1099 if you gift someone over 10,000.00 cash?
Do you have to pay capital gains taxes on an inheritance?
How do I claim money that was gifted to me when filing my taxes?
How much money can I give as a gift to my daughter tax-free?
legal taxes
Question by gleverance (720)
Answer by Chaneygirl (1755)
No, you do not. The person who gifted you the money may be required to file gift tax return, depending on the amount.
Answer by mpartin (1600)
That depends. The IRS has strict guidelines on what is and what is not taxable. Usually you will have to pay some portion of a tax and how much depends on the circumstances. Best to contact an attorney.
Answer by Att4372 (1704)
Gift tax is owed for a gift in excess of $13,000 per year. Tax is paid by donor, but can be avoided if gift is split over multiple years.
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