QUESTION
If I gift my brother 1 million dollars what is the tax on that?
Asked on Jan 21st, 2016 on Taxation - Ohio
2 ANSWERS
The answer depends on what other gifts you have made to him and others. The gift tax could be as low as $0. In any event, there would be no income tax for him.
Answered on Feb 02nd, 2016 at 8:21 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The lifetime gift tax exemption is $5,450,000 for 2016. So there is no tax on a $1,000,000 gift unless you've already made gifts of over $4,450,000.
Answered on Feb 02nd, 2016 at 3:40 AM