tax on cash gifts

[lindystar1]

What is the name of your state?
I'm in WV. I need to know how large a cash gift to me must be before I must pay taxes on that gift? State and federal?

 

[anteater]

The person receiving a gift does not incur any federal taxes. The person making the gift may or may not have some federal gift reporting obligations. If it is a mega-gift or they have a huge estate, they or their estate might end up owing some taxes.

I don't know WV law, but I doubt that the receiver of a gift has any tax liability.

 

[peculiarone]

Cash gifts are non taxable for the federal if no services were performed for the cash and it is truly a gift.

The person receiving the gift does NOT have to include that amount in their imcome and therefore does not have to pay tax on that. See Plublication 525 from www.irs.gov.

Dont know about the state.

 

[anteater]

The person receiving the gift does NOT have to include that amount in their imcome and therefore does not have to pay tax on that.

Whoa, thanks for catching that. Lousy proofreading on my part.