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Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.

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12y ago

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Related Questions

What is the tax percentage for gift tax?

The tax percentage for the gift tax is generally 45 percent.


Do you owe any gift tax if your house is transfered to your daughters name?

Yes, if the house is worth more than the annual $15,000 (in 2012) exclusion for gifts to anyone other than your spouse. Your tax attorney may help you structure the transfer over several years to avoid owing any gift tax.


What is the gift tax for 200000dollars?

90000 dollars is the gift tax of a gift of 200000 dollars.


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The recipient of a gift doesn't incur any tax liability. The person MAKING the gift must be careful not to exceed their annual exclusion ($15,000 in 2012), to avoid their having to pay the gift tax. Proper structuring over several years can avoid much of that, but it's not your problem.


Does the receiver have to pay gift tax on the gift they received?

In most cases, the receiver does not have to pay gift tax on the gift they received. The responsibility for paying gift tax typically falls on the person giving the gift.


What is sales tax on car if the car is a gift?

gift = no sales tax


Is Gift tax is a direct tax?

no....


Who pays tax on 20000 gift to another person?

Gift tax, when applicable, is paid by the one giving the gift,


What is the difference between an estate tax and gift tax?

Estate has to do with when someone dies. Gift tax has to do with when someone makes a gift of larger than a certain value.


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In most cases, the receiver of a gift does not have to pay tax on it. The giver is usually responsible for any gift tax that may apply.


Are gift cards tax deductible for a business?

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Do I have to declare Gift Aid on my tax return?

No, you do not have to declare Gift Aid on your tax return.