General Question

JayL's avatar

Do I have to pay taxes on a gift of $15,000?

Asked by JayL (1points) October 1st, 2008

Received gift from parent.

Observing members: 0 Composing members: 0

12 Answers

SpatzieLover's avatar

Yes, on $4k of it.

Judi's avatar

I believe the Max non taxable gift is $11,000.

marissa's avatar

Is it from one parent or two parents? If it is from two parents, I’d have them each gift you $7500, so that you fall under the limit.

You should read through this
“If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.”

SpatzieLover's avatar

Each citizen is allowed $11K without tax.

JackAdams's avatar

Check with a CPA, to remove any and all doubts.

marissa's avatar

The other suggestion I have, if it is only one parent and you can wait. I’d have them gift you half the money this year (2008) and the other half on or after January 1, 2009.

shilolo's avatar

Yes. In addition to income tax, there is a little known tax known as the Fluther-tax, payable here.

cooksalot's avatar

Uh, yeah! I remember that question from my college days. It’s a lot more now than then, but it can be broken up between spouses, or years. Now I don’t know if it’s still the same but wayyyyyy back when it could be given to you by two different people. Call a tax accountant and verify that one. It was so long ago and the tax laws seem to change every year.

marissa's avatar

@shilolo, just paid my fluther tax, you do take lurve don’t you?

JayL's avatar

I’m going to answer my own question now. I checked with my tax lady and this is what she said: You are never taxed on gifts from anybody. Ever ever ever. If there is any tax to be paid…the $12k per year is limited on the giver, not the recipients. In short, do not worry on your end. Thank you for all the great responses, Flutherers!

dblgeek's avatar

Actually, the non-taxable amount of a gift is $12,000 per recipient (gift). Also it’s the giver of the gift who has to pay the gift tax (using Form 709), not the recipient. In the case of a married couple, each spouse can give a gift of $12,000 per recipient without having to pay the gift tax. See

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