Is a cash or land gift taxable ?
If somebody gives you some money or property, are you supposed to declare it or it's market value as taxable income on your IRS return? Is there some minimum dollar amount? Thanks.
Asked on 2/12/09, 6:56 pm
1 Answer from Attorneys
Re: Is a cash or land gift taxable ?
There is no tax on assets that you have received as gifts.
However, there is a gift tax that might be imposed on the person giving the gift to you if the amount of the gift is over $13,000.
If the gift is over this amount, then the person giving the gift will want to speak to an accountant or an estate planning attorney to receive advice on how the gift should be reported.
Let me know if I can assist.
Answered on 2/21/09, 1:01 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
