Gift tax on a million/over a million?

Porsche23 · 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?

Porsche23 · 07-26-2011, 12:53 AM

also would check/cash matter much?

megneton · 08-25-2011, 08:15 PM

the maximum amount it doesnt matter

og954 · 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.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
gift tax consequences of a gift of a future interest	Pico Rico	Tax	8	06-04-2012 04:10 PM
Large Monetary Gift - Gift Tax Question	Lee Tol	Tax	9	05-30-2007 02:44 AM
Large Monetary Gift - Gift Tax Question	Lee Tol	Tax	0	05-25-2007 05:41 PM
Gift Tax if gift is returned?	Lee Friedenberg	Tax	10	05-08-2004 11:17 AM
Proving a gift is a gift?	Ken	Tax	2	12-17-2003 10:05 AM