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Customer Question
if someone give you money...
if someone give you money do you have to pay taxes on it like 50,000?
Submitted: 13 years ago.Category: Tax
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Answered in 1 hour by:
10/9/2004
Tax Professional: JBE, CPA, Certified Public Accountant (CPA) replied 13 years ago
JBE, CPA
JBE, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 137
Experience: 25 Years Experience
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The donee is not responsible for any taxes on receipt of the gift. The donor, however, may have a gift tax liabiity. Gifts in excess of $11,000 per year per donee are subject to a possible gift tax. It's the donor's responsiblitiy to file and pay the tax, not the donee's.

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