gift tax

[silverblue]

if i give $100,000 to someone - do they have to pay taxes on the money they receive??

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by silverblue:
if i give $100,000 to someone - do they have to pay taxes on the money they receive??<HR></BLOCKQUOTE>

My response:

Yes, on all amounts above $10,000.00 in any given year.

However, I'd gladly pay the taxes. Let me know to whom and where I can send my name and address.

IAAL


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[silverblue]

thanks! - believe me i'd love to help everyone good soul out there but i see that you are a lawyer so nevermind! just kidding!

anyway, thanks for your reply - i have a couple people whom insist that only the giver has to pay the gift tax (after $675,000) and that the receiver doesn't - well, i was pretty sure that the lucky gift getter must pay a tax on what they receive (income tax). but i've also read somewhere that 'money gifts' are not taxable for the receiver - so, thus my confusion!

thank you again for your help!

cheers!