Gift Tax Question

[valeryvie]

Hi -

Just wanted to make something clear on gift taxes - any help would be appreciated

1) Does the recipient of the gift tax have to pay a tax?
2) Can the recipient receive a gift tax of $10,000 from more then one person in a year (ie. $10,000 from Mom and $10,000 from Dad)?
3) Can the gift be to anyone or does it have to be a relative?
4) Can you receive a gift tax and a loan and then turn the loan into a gift in 2003?

Thanks Mucho!

Valery

 

[dmode101]

1. No. Generally the donor pays any tax due, alhtough there is a such a thing called a 'net gift' in which the donee pays the tax.

2. Yes, and the donor can give $10,000 to an unlimited number of individuals

3. Anyone

4. Not sure of the question, but a loan is turned inot a gift if it is later forgiven.

 

[valeryvie]

Thanks!

Thanks Jeffrey - this helped a lot!

Valery