taxes
 

 gift  taxes







 

Question by  V (19)

I received a gift from my brother, do I have to pay a gift tax?

 
+6

Answer by  Liz59 (10966)

No, if you have already received the gift, you would not have to pay a tax. You only pay duty on things you paid for online

 
+6

Answer by  timeismoney (994)

No. Recipients of gifts owe no gift tax. Non-cash gifts are never taxed. Givers of cash are taxed only if their gift exceeds $11,000 per year per person.

 
+6

Answer by  tamarawilhite (17883)

If the gift is worth less than 10,000 dollars, neither of you have to pay a gift tax. If it is worth more than 10K, he will pay the taxes.

 
+5

Answer by  Kurt (4579)

It depends on the size of the gift. If the gift is for a small amount ( less than $ 10,000 ) then you do not have to report the gift as taxable income.

 
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