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No, the only taxes that COULD be charged would be Gift taxes (a transfer tax - gifts are excluded from income for tax purposes)
Also, an person can give up to 14,000 per year (to as many people as he/she would like) with having to either file a gift tax for OR pay any gift taxes
sorry for the typo. "... a gift tax FORM.."
No tax is ever due to the reciever of the gift... and again he is below the annual gift exclusion of $14,000
My concern is to the person receiving the money not the person giving the money.
I understand, but you are fine .. again, the gift tax is borne by the Giver (called the giftor) NOT the receiver (called the giftee)
Here's the tax law citation on this:
OK great! We don't have to pay then as the reciever.
Thank you this answers the question.
never... and the gift tax LIFETIME exclusion is $5,250,000 - the only need to report (again for the giver) is to track against that lifetime exclusion ... but if the gift is under $14,000 per year (per person) then there's not even a reporting requirement