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Can anyone provide info re: gift taxes?

Some $$$ coming my way (not an inheritance but a gift) from a relative and I've heard the laws on gift taxes have changed for 2010. I do have a call in to my accountant to find out the tax consequences/impact for both donor and/or donee but he hasn't called back yet.

 
Anonymous

Asked by Anonymous at 12:45 PM on Aug. 31, 2010 in Money & Work

This question is closed.
Answers (4)
  • I don't think the person receiving the gift usually pays taxes on it. The limit is $13,000 (or value) without being taxed. But each parent could give their kids $13,000 so you could get $26,000 without being taxed. I'm not sure what the tax rate is if they are gifting more than that though.

    My honest opinion- the Government is double dipping with the gift tax.

    http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#5
    Erica_Smerica

    Answer by Erica_Smerica at 12:59 PM on Aug. 31, 2010

  • I would wait for the call back from your accountant. That's the best person to ask these types of questions to.
    HotMama330

    Answer by HotMama330 at 2:14 PM on Aug. 31, 2010

  • Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 8:27 PM on Aug. 31, 2010

  • if you are talking about work at home, thats different, does not apply.
    IraqiVetWife

    Answer by IraqiVetWife at 5:43 PM on Sep. 12, 2010