Gift Tax Question

[DaveyJones66]

What is the name of your state (only U.S. law)? PA

I am curious about the gift tax. Not as the giver, but as the one receiving the gift. A couple of questions:

1. I am married, does my wife and I count as ONE recipient, because we file jointly, or can we each receive up to the $13k from a single giver without it creating a liability to the giver?

2. As a gift receiver, am I subject to the $13k limit, or if I receive 10 $12k gifts totaling $120k me and the givers have no liability?

3. As a gift receiver, do I care at all about tax liability of receiving gifts as long as each of the givers stays below their limit?

Thank you.

 

[FlyingRon]

1. I am married, does my wife and I count as ONE recipient, because we file jointly, or can we each receive up to the $13k from a single giver without it creating a liability to the giver?

It's per person, even if they are married. You each can get a $13k GIFT.

2. As a gift receiver, am I subject to the $13k limit, or if I receive 10 $12k gifts totaling $120k me and the givers have no liability?

Doesn't matter how many different people give you gifts. Each donor gets $13K to each person.

3. As a gift receiver, do I care at all about tax liability of receiving gifts as long as each of the givers stays below their limit?

Not clear why you care even if the donor exceeds their limit. All exceeding it does is create a reporting issue for them. Unless their total gift exceeds a million they don't owe any tax. YOU never have any tax issues with the gift.

 

[Antigone*]

As a receiver of the gifts, there is no tax implication for you upon receipt of the gift.