Question for the Money Doctors
Question submitted on Dec 14, 2011.
QuestionIf I give $13,000 each to 5 siblings do I or they have any income tax responsibilities. Thank you.
The donor is generally responsible for paying the gift tax. However, gifts of $13K or less are exempt from gift tax. You can make a gift of $13K to as many individuals as you like with no gift tax consequence.
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