Have Tax Questions? Ask a Tax Expert for Answers ASAP
Gift received is not taxable to the recipient. hence you do not owe any gift tax or income tax on this amount received.
$12,000 limit is for the donor of the gift. He can give upto $12000(twice if spouse joins in) gift per person per year without owing any gift tax.
Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.