Gift funds taxed?
Hello, if someone receives a gift of money or gives a gift of money to buy a home is it taxed? In either party.
Thanks!
Terry Says
Every person can gift up to $16,000 to anyone else, without any tax implications (gift tax, that is, which is part of the estate tax) in any one year. And you can receive up to $16,000 a year from any number of people willing to give you that gift — with no implications to you, or to the givers.
