Do I Have To Pay Tax On Money Given As A Gift?

The gift tax is levied on both cash gifts that is cash, cheques or drafts and certain gifts in kind like property and shares More »

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what is the gift tax on money given to relatives?

Gifts to spouses are entirely exempt from the federal gift tax. The only exception to this general rule is that gifts to a spouse who is not a U.S. citizen are limited to $133,000 tax free. However, gifts to spouses who are U.S. citizens have no limi www.ehow.com

who pays gift tax?

When one person gives a gift to another, the person who gives the gift, known as the donor, usually must pay the gift tax. The person giving away a significant amount of assets is likely to have greater ability to pay the tax. If a gift were to impos www.ehow.com

How to File Taxes & Gift Money

Determine if your gift counts as an exclusion. Tuition or medical bills you cover for someone else, presents to your spouse, political contributions and monetary gifts less than the calendar year's annual exclusion are not generally considered taxabl www.ehow.com

Do I Have To Pay Tax On Money Given As A Gift?

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