Who Pays Gift Tax?


The person who is giving the gift usually pays the gift tax, but the person receiving the gift may rarely choose to pay it. The IRS defines a gift as any transfer to another person where money is not received in return. Gifts to ones spouse, a political organization, and school and money expenses are not considered taxable. You can find more information here: www.irs.gov
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Who Pays Gift Tax?
The U.S. government imposes taxes on a wide range of financial activities including transfers of assets or wealth from one person to another. The Internal Revenue Service, or IRS, requires you to pay taxes on gifts. The IRS defines a gift as "any... More »
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The gift donor will need to pay a gift tax. A gift is any transfer to an individual where full consideration is not received in return. Tuition and medical expenses are excluded from gift taxes.
Q&A Related to "Who Pays Gift Tax?"
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