Gift taxes

Question

Jun 8, 2006, 02:48 PM

helpples

New Member

Join Date: Mar 2006

Posts: 3

Gift taxes

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.

Answers

Jun 9, 2006, 10:33 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,323	You owe NO taxes on the gift. However, the giver may owe taxes, because the amount exceeds the $11,000 annual gift tax exemption.

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