Taxes on gifts

[Canamerican]

What is the name of your state? Ohio
If I recieve a monitary gift from a reletive, do I have to pay tax? What is the percentage? Is there an amount that I can recieve without paying tax?

 

[Some Random Guy]

its around $11,000 minimum before you have to pay any taxes.
www.irs.gov - search for "gift tax"

 

[Snipes5]

The Recipient of a gift never pays tax.

Snipes

 

[Some Random Guy]

Quite right. I should have been clearer. The Donor pays the gift tax.

Though usually people try to spread the payments over a period of years so that taxes are not necessary.

 

[Snipes5]

Actually, until up to 1.2M has been gifted, the donor will merely use up his unified gift credit before any actual tax need be paid.

Snipes

 

[Canamerican]

Total income

So if the only money I recieve in a year is money gifted from my grandmother, then do I need to file a tax form? I have been staying with her for 9 months and aside from a $2500 vacation package I won, the only money I have recieved is from her in the form of checks labeled "gift". I have not taken the vacation yet, so I asume I don't count that as income untill and unless I do.

 

[jkruler]

Money recieved as a gift does not need to be reported, and if your only other receipt was a 2500 dollar prize, then you do not need to file.

 

[ablessin]

It doesn't sound like large sums of money, and if we had to pay taxes on gift monies, I'd tell my grandma I don't want $$ at Christmas anymore!!!!!!!

Money obtained thru inheritance is not taxed by recipient either.