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USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1236
Experience:  US Taxation specialist.
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How much is the gift tax on 250000?

Customer Question

how much gift tax will i pay on 250000
Submitted: 4 years ago.
Category: Tax
Expert:  USTaxAdvising replied 4 years ago.

The receipt of a gift is not taxable to the recipient under U.S. federal income tax principles. The donor of the gift may or may not be subject to tax on the gift of $250,000.

If the donor elects to use his/her unified lifetime credit there would be no tax due, if he/she does not elect there would be taxes due. Please let me know if you would like me to explain this in further detail.

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