QUESTION
Would you be required to pay taxes if you are given gifts that added up to a million dollars?
Asked on Aug 29th, 2013 on Taxation - Oregon
5 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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No. The recipient does not pay gift taxes. The donor may have to pay the gift taxes.
Answered on Oct 18th, 2013 at 6:43 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Gifts are not subject to income tax. Qualified charities are tax-exempt. Gifts from individuals are subject to gift tax, but there's a lifetime exemption of over $5 million.
Answered on Aug 30th, 2013 at 12:26 PM
The done can be liable for gift taxes if the donor does not pay. Whether you would be subject to gift taxes is a combination of factors such as where you live and how much of the donor's gift tax exemption has been utilized previously.
Answered on Aug 30th, 2013 at 12:16 PM
Anything a person receives for "value" is technically taxable. It is unusual for an individual to receive "gifts" from a charity.
Answered on Aug 30th, 2013 at 12:07 PM
Tax Attorney serving Portland, OR
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Bullivant Houser Bailey PC
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The person who makes a gift (other than to charity) is required to file a gift tax return; gift taxes generally are owed only if cumulative gifts exceed more than $5,250,000. The non charitable recipient of a gift is required to pay taxes on the gift only to the extent that the giver does not pay any gift taxes owed.
Answered on Aug 30th, 2013 at 11:21 AM