gift  taxes


Question by  V (19)

I received a gift from my brother, do I have to pay a gift tax?


Answer by  Liz59 (10966)

No, if you have already received the gift, you would not have to pay a tax. You only pay duty on things you paid for online


Answer by  timeismoney (994)

No. Recipients of gifts owe no gift tax. Non-cash gifts are never taxed. Givers of cash are taxed only if their gift exceeds $11,000 per year per person.


Answer by  tamarawilhite (17883)

If the gift is worth less than 10,000 dollars, neither of you have to pay a gift tax. If it is worth more than 10K, he will pay the taxes.


Answer by  Kurt (4579)

It depends on the size of the gift. If the gift is for a small amount ( less than $ 10,000 ) then you do not have to report the gift as taxable income.

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