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Gift tax on a million/over a million?

 
 
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      07-25-2011, 12:55 PM
This is a somewhat hypothetical question.

But if someone were to give someone else a one time gift of 1 million or 1.25 million.

How much would the sender be taxed and how much would the receive be taxed in BOTH cases?
 
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      07-26-2011, 12:53 AM
also would check/cash matter much?
 
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      08-25-2011, 08:15 PM
the maximum amount it doesnt matter
 
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      08-25-2011, 08:38 PM
Last time I checked you have to pay taxes on any gift over 13,000. I am not sure if there have been changes, maybe someone else can chime in.
 
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