Are gifts to individuals taxable?

Answer by  flamiss22 (5081)

IRS rules states anything over one hundred dollars should be taxable. However not many people declare unless theya re called out.

Answer by  John (9008)

Technically, gifts to individuals are taxable. There is an exemption for small gifts, but the amount varies as the law changes from year to year. The gift tax is actually quite steep, and can be assessed against either the giver or the recipient of the gift.

Answer by  crazycool (145)

Gifts are not taxable up to $13,000 per person per year. It's usually a good idea to keep this below range, because when your taxes are examined there is the possibility that the IRS will second-guess your records if it cuts near 13K.

Answer by  shawdowsmom (138)

Yes. Anything received of substantial monetary value is subject to an income tax. This is not limited to money it may include automobiles real estate and even items left to an individual in a will.