Two Plus Two Older Archives - Absolute Gift Certificates

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- - Absolute Gift Certificates - Taxable? (http://archives2.twoplustwo.com/showthread.php?t=398286)

michfan

12-14-2005 12:22 PM

Absolute Gift Certificates - Taxable?

I would not think that we would have to pay tax on these if we receive them from someone.

Any thoughts?

BigBluffer

12-15-2005 11:48 AM

Re: Absolute Gift Certificates - Taxable?

In the US, gifts are income tax-free to the recipient.

12-15-2005 12:40 PM

Re: Absolute Gift Certificates - Taxable?

Looks like you are in the clear as long as you don't give 11k to any one person in a year or give over 1 million away in your lifetime.

BigBluffer

12-15-2005 10:28 PM

Re: Absolute Gift Certificates - Taxable?

[ QUOTE ]
Looks like you are in the clear as long as you don't give 11k to any one person in a year or give over 1 million away in your lifetime.

[/ QUOTE ]

The OP was asking about the tax consequences of RECEIVING a gift. Your comments concern GIVING. Let's not confuse the dude. [img]/images/graemlins/ooo.gif[/img]

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