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Gift Tax and Guft amount

Albuquerque, NM |

Gabriel you state that a person can give a maximum of $12,000 per year to another person, yet later you state " if you give more than $12,000 to any one person, then you file a gift tax return but you don't pay anything" CAN you give a gift of more than $12,000 to one person?? And does the person gettting the gift have to pay a tax on a gift over the $12,000 amount? What is the tax if a tax is applied to the amount of a gift a person gets???

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Attorney answers 1

Posted

See the "Gift Tax" section of this site: http://www.taxguru.org/estate/706.htm

It answers each of your questions.

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