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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
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What is the gift tax on $100,000.00 and who pays it

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Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

The person making the gift must file a gift tax return (Form 709) when the amount of the gift to any one recipient exceeds $12,000. The recipient of the gift does not have to file or pay any taxes on the gift. The gift taxes on the exess gift of $88,000 ($100,000 - $12,000) would be $20,280. However, the gift taxes would not actually have to be paid in this situation because each individual has a credit that is available to offset gift taxes on up to $1,000,000 of excess gifts over his/her lifetime. The following links provide more detail.,,id=107815,00.html


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