Written by attorney Inna Fershteyn

Gift Tax Basics: Do I Owe Taxes When Someone Gifts Me Money?

While most people agree on the joy of receiving gifts, the law has a view on gifts similar to it’s view on any other money that you receive: you owe taxes. Below we’ve outlined some basic things to keep in mind about receiving and giving gifts to keep in mind when it comes time to pay taxes.

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All in all, giving money to someone within the exemptions rules won’t get you in trouble with the IRS, but if you are considering an elaborate gift, you should consider speaking to a licensed estate planning attorney to ensure that you are able to make the gift while incurring the least tax liability possible.

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