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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Received a $10000.00 gift of cash. What part is taxable

Resolved Question:

Is there a $12000.00 Limit.
Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.

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.


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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.

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