What is the name of your state? Oregon
If my wife and I receive a large sum of money as a gift(over the 24K limit), do we owe any taxes?
The way I undersand it is that the person giving it would owe taxes only if they exceeded the lifetime limit of 1 million dollars (and the accruing of gifts towards that amount happens when they exceed the 12K per year per person limit) and we would owe nothing. Thanks for your advice.What is the name of your state?
If my wife and I receive a large sum of money as a gift(over the 24K limit), do we owe any taxes?
The way I undersand it is that the person giving it would owe taxes only if they exceeded the lifetime limit of 1 million dollars (and the accruing of gifts towards that amount happens when they exceed the 12K per year per person limit) and we would owe nothing. Thanks for your advice.What is the name of your state?