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Reply #21: YOU don't pay gift taxes...SHE pays them [View All]

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amazona Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-14-05 04:43 PM
Response to Reply #8
21. YOU don't pay gift taxes...SHE pays them
However, unless the fair market value of the equity in the house is more than $200,000 (actually I think it's way higher than that now) then I doubt she has to pay any gift taxes either. However, if she gives any individual a gift worth more than $11,000 in a year (might be up to $12,000 this year) then she has to report the gift on a form.

Doesn't mean she owes taxes on it. Just means she has to fill out a report.

The receiver of a gift doesn't pay the gift tax, though. The giver does. Clearly, receivers don't generally have any money, that's why their friends, parents, and patrons are giving them such generous gifts.

The attorney will know all this.
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