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helpples
Jun 8, 2006, 02:48 PM
Hello,

THanks for you great advices and suggestions.

I have a question?

If your friend gives you some money as gift like around $15,000

do we need to pay taxes on it?? if yes how much tax do we need to pay


Thanks for your help.
AtlantaTaxExpert
Jun 9, 2006, 10:33 PM
You owe NO taxes on the gift.

However, the giver may owe taxes, because the amount exceeds the $11,000 annual gift tax exemption.