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?
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?