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 USTaxAdvising Your Own Question
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

How much is the gift tax on 250000?

Customer Question

how much gift tax will i pay on 250000
Submitted: 5 years ago.
Category: Tax
Expert:  USTaxAdvising replied 5 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.