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    helpples's Avatar
    helpples Posts: 3, Reputation: 1
    New Member
     
    #1

    Jun 8, 2006, 02:48 PM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    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.

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