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If a person gave $20,000 to someone as a gift, the "giver"

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If a person gave $20,000...
If a person gave $20,000 to someone as a gift, the "giver" is obligated to pay the gift tax. This I understand. Yet, is the "receiver" obligated to pay tax on any of the amount over the $14,000 dollar amount? Does the "receiver" of the money have to pay any tax on the $6000 over the $14,000 dollar amount. And where does the chain end? How many $14,000 gifts can one individual receive. Could any individual just make a living receiving the $14,0000 dollar cap amount from 10 individuals? Thus, that individual could make $140,000 dollars a year tax free?
Submitted: 7 months ago.Category: Tax
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12/10/2017
Tax Professional: emc011075, Tax adviser replied 7 months ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,890
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Hi. My name is ***** ***** I will be happy to help you

The tax giver is required to report any gifts over 14K to one individual (he can gift several gifts under 14K without having to report anything) and if the giver used up his lifetime exclusion (currently at 5.5M) he will also have to pay gift tax.

The gift receiver is not required to report any gifts unless he receives over 100K from a foreign non US donor (giver). An individual can receive multiple gifts without having to report or pay any tax. There's no limit on how much you can receive as a gift.

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Tax Professional: emc011075, Tax adviser replied 7 months ago

Any questions?

I have a client, a couple who makes annual gifts of 14K to all their children, their spouses and grandchildren. A family of 4 receives annually 112K tax free from the couple (14K each from her and 14K each from him).

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