• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Reporting Gift Tax

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

HHYIM

Junior Member
What is the name of your state?What is the name of your state? California

On the beneficiary side:

If I gifted $11,000 to another person, how does that effect the receiver? Is he/she responsible for tax filing in regard to the extra income that he/she has incurred?

In other words, is he now adding that gift income to his earned income to determine his tax bracket at the end of the year?
 


HHYIM

Junior Member
then, is the gift amount taxable or it's tax free. Does the amount to be report by the reciever on the tax return?
 

Snipes5

Senior Member
If it is not considered income, it isn't taxable. If it isn't taxable, it doesn't generally go on the return.

Snipes
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top