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Posted by Paul Thomas, CPA on January 13, 2007, 2:12 am
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> How much can be recieved as a gift before it is taxable and
> if over the limit is the whole amount taxable or just the
> amount over the limit?
It depends on who receives the gift. Me, I'd not have to
pay tax on the first billion or so. Well, actually you
wouldn't either. Gifts (for the most part) are not income
to the recipient no matter how large they are.
The person making the gift may be liable for filing a gift
tax return for any annual gifts to a single individual when
that amount exceeds $12,000 (for 2006).
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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