• 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.

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.

S

Sybil565

Guest
Can a person receive over the 10,000 dollar limit as a gift if the 10,000 dollars comes as 1,000 dollar gifts from 12 different people and not have to pay a gift tax?
 


L

loku

Guest
Gift tax exclusion

Yes. And there would be no tax to you no matter how much you receive in gifts that way.

The donor pays the tax, not the donee. The $10,000 is the annual exclusion that can be used by each donor on gifts given to each donee.
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

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