Absolute Gift Certificates - Taxable?

michfan · #1 12-14-2005, 12:22 PM

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

Any thoughts?

BigBluffer · #2 12-15-2005, 11:48 AM

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

#3 12-15-2005, 12:40 PM

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 · #4 12-15-2005, 10:28 PM

[ 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]