Gift tax on a million/over a million?


Joined
Jul 25, 2011
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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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Joined
Aug 16, 2011
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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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