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Question

Does the person who receives a gift of money have to pay taxes on it? If so, is there a maximum amount on which to pay the taxes?

Submitted: 24 days ago.
Category: Tax
Value: $15
Status: CLOSED
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Optional Information

State/Country relating to question: Ohio

Accepted Answer

Hello marycac,

Thanks for your question. You can give/receive up to $13,000 per year withhout being subject to gift tax. If you gave more than $13,000 in 2009, the donor would have to file a Form 709. The donee would only be held responsible for the gift tax if the donor could not pay the tax.

For more information see Frequently Asked Questions on Gift Taxes

Hope this helps!
Sincerely,

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Expert: JK_CPA
Pos. Feedback: 100.0 %
Accepts: 
Answered: 10/29/2009

Certified Public Accountant (CPA)

with 5 years accounting experience and 18 years tax experience.

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