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Related: Culture Forums, Support ForumsI have a legal question:
I can gift someone $10K or less every year without any taxes due. What if I gift a Canadian citizen $15K? Are taxes due on that amount?
TIA!
This is purely hypothetical. I was having a conversation with a friend and the subject came up. And I'm not "gifting" anyone!
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I have a legal question: (Original Post)
Suich
Mar 2013
OP
BainsBane
(53,003 posts)1. I think so
because the tax is on you, not on the person who received the gift.
The Velveteen Ocelot
(115,280 posts)2. The maximum gift exemption is now $13K.
Wounded Bear
(58,440 posts)3. If you give me $15k...I promise not to tell....
Kali
(54,990 posts)4. wow, you are really looking good these days, Suich
I would be more than glad to accept that money and find out. In the interest of information, of course.
Earth_First
(14,910 posts)5. I stayed in a Holiday Inn Express last night...
talkingmime
(2,173 posts)6. No clue on the Canada thing, but I think the US level is up to $11K now.
ConcernedCanuk
(13,509 posts)7. I have no idea
.
.
.
but if someone gifted me 15k
I'd be happy to pay the tax
zanana1
(6,085 posts)8. I was going to say...
If you gift someone from New Hampshire 15K, I'd pay the taxes.