Gift taxes are owed by the party who gives the gift and not the recipient.
No, the recipient NEVER pays gift tax. Gifts are not income and not taxable. However, the person GIVING you the gift may have to pay gift tax on the value of the house that exceeds the annual exclusion of $15,000. They may be better off gifting you a partial ownership over several years, where each part is worth less than $15,000. If the gift is from your spouse, there is no gift tax.
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
No
A gift tax is very rare and most Americans don't need to pay tax on ordinary gifts. The person who gives the gift, not the person who receives it, must pay the tax.
There is no tax on a car given as a gift in MA.
No. If any gift tax is due, it is the responsibility of the donor. However, in extreme cases, the IRS may try to claim the gift if the donor fails to pay tax.
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
I just gave to my house title to my son (21 years old). The title has life estate in it. Is there is any gift tax do i have to pay? or my son have to pay any tax? I live in California jamie
The person making a large gift (i.e., over $15,000 in 2012) would owe the tax.
No. They may have to pay gift tax. See discussions under that topic.
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.