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How much taxes would you have to pay on a $50.000.00 gift

Customer Question
if you receive a gift...
if you receive a gift of $50.000.00 how much taxes would be taken out
Submitted: 10 years ago.Category: Tax
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Answered in 8 hours by:
5/30/2007
Tax Professional: Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent replied 10 years ago
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1,257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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You would not be taxed at all on the gift.

The donor of the gift wuld need to file a gift tax return to report total gifts to you for the tax year that exceed 12000.

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Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
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Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.

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