Question for the Money Doctors
Question submitted on Dec 12, 2011.
QuestionIf I receive a gift of $13,000 do I have any tax responsibilities on that money.
If I give a gift of $13,000 do I have any tax responsibilities on that money.
The receiver does not have responsibilities. As a giver, you DO need to report the gift to the IRS by filing form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. Hope this helps!
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