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Money given to me for whatever purpose I will use it like pay medical bills, credit card etc. is considered a gift?
How much is the tax the donor will pay for a gift of $20,000 ?
Thank you for your prompt reply, is it correct to say that if I received a monetary gift of $20k in a year, the donor will be responsible to pay a donor tax on the $7K which is the amount in excess of the $13k gift tax exclusion?
What is the tax rate on this $7K?
Is there a rate table I can refer to?
Is the donor tax rate same for all states?