How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Merlo Your Own Question
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
9573734
Type Your Tax Question Here...
Merlo is online now
A new question is answered every 9 seconds

OK, so it was in 2008 that I received those gifts and obviously

Resolved Question:

OK, so it was in 2008 that I received those gifts and obviously that tax year has already been submitted, paid and over...I assume all is well, as the IRS cashed our payment! :):) I just wanted to double check if the rule still applies for 2009.
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello dutton,

 

The recipient of a gift is never the one who pays gift tax. If and when gift tax ever becomes due, it is paid by the donor of the gift and not the one who receives the gift.

 

Currently for 2009 and 2010 taxpayers may give gifts of up to $13,000 to another individual each year without reporting those gifts. If you are the recipient of such gifts, you do not include those gifts in your taxable income.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you dutton

 

 

Merlo and other Tax Specialists are ready to help you