Reclaiming a monetary gift

[anon628]

Minnesota

If you receive a monetary gift (eg.$25,000) from anyone, can the gifter, at any time and for whatever reason, legally reclaim part or the entire monetary gift from you.

 

[HomeGuru]

Minnesota

If you receive a monetary gift (eg.$25,000) from anyone, can the gifter, at any time and for whatever reason, legally reclaim part or the entire monetary gift from you.

**A: yes and their claim would have a good chance of prevailing if you have no gift letter or other such written evidence proving that the money was solely a gift and not a loan.

 

[anon628]

Thank you for your response. What is the tax (%) on any monetary gift? I believe upto $11,000 is tax exempt.