
Originally Posted by
Zofia
Gifts are not income, but they are not deductible either. Further, gifts are subject to the gift tax, so the giver has to file a gift tax return if the gift is over $14,000 in one year. That is total to the recipient. Thus, two $8,000 gifts to the same recipient in one calendar year would trigger the gift tax return filing requirement. Also, there is a lifetime limit of $10.98 million as of 2017. Once a giver reaches that total over his or her lifetime, the tax kicks in at a robust 45%.
HTH
Z
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