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Gift Tax Declaration?
I know I don't have to pay taxes if I got less than $13,000 in gifts in 2010, but do I have to declare them anyways?
5 Answers
- Wayne ZLv 71 decade agoFavorite Answer
No reporting is needed by the receiver of the gift(s).
The giver must file a gift tax return if they give over $13k to any one person in a year.
- Bostonian In MOLv 71 decade ago
You never pay tax on gifts that you receive, regardless of the amount. Gift taxes are assessed on the donor, not the recipient.
The only time that you need to report any gifts received is if they are from a foreign donor and are in excess of $100,000 per year. In that case you must file a Form 3520 information return, however no tax is due.
- rtfmLv 71 decade ago
No. A gift is NEVER taxable to the recipient. It's the giver who needs to report a gift of more than $13K to any one individual.
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