Question by NEICIE: we were “gifted” money from a personal friend do we have to pay taxes on it ?
Best answer:
Answer by jseah114
No, gift taxes are never assessed on the person receiving the gift. If the amount of the gift exceeds the exempt amount, then gift tax is assessed on the person giving the gift.
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no
The only way you would have to pay taxes on it is if it was an inheritance. A gift from a friend isn’t taxable otherwise
It can depend on the amount of money, and the source of the funds (someone writing a check to you versus giving you some type of investment).
The best thing is to contact a financial advisor in your area who knows about gifting money. There process in which it was gifted will determine the taxable-answer.
No, gift taxes are assessed on the giver, not the recipient.