Tax question, how does a $10,000 gift exemption work? - GoFuckYourself.com

Kard63 · 12-26-2006, 08:24 PM

Am I allowed to recieve a $10,000 gift from two different people in 1 year and both be tax exempt?

Can I give $10,000 to two different people in 1 year and both be tax exempt?

Feel free to explain if you have a good understanding of this.

Thanks in advance.

hamburg · 12-26-2006, 09:29 PM

Sorry not sure, send me $5000 and I will sort it ;)

woj · 12-26-2006, 09:53 PM

get an accountant or google the answers, all you will get here is bullshit half-true answers....

crockett · 12-26-2006, 09:56 PM

I think it's a one time gift per year.. but not 100%

BitAudioVideo · 12-26-2006, 10:33 PM

you can get a cash gift and not report it.

giving a gift is a bit different... i think its up to 12k in 2006 that you can give non taxable per person. a spouse, political group, etc can be more than 12k

go to irs.gov and search 'gift tax'

12-26-2006, 08:24 PM	#1
Kard63 Confirmed User Join Date: Nov 2003 Location: 237 619 975 Posts: 8,944	Tax question, how does a $10,000 gift exemption work? Am I allowed to recieve a $10,000 gift from two different people in 1 year and both be tax exempt? Can I give $10,000 to two different people in 1 year and both be tax exempt? Feel free to explain if you have a good understanding of this. Thanks in advance. __________________

12-26-2006, 09:29 PM	#2
hamburg Registered User Join Date: Dec 2006 Posts: 91	Sorry not sure, send me $5000 and I will sort it ;) __________________ ICQ: 379-198-665 If you can't beat'em, join'em.

12-26-2006, 09:53 PM	#3
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	get an accountant or google the answers, all you will get here is bullshit half-true answers.... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

12-26-2006, 09:56 PM	#4
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	I think it's a one time gift per year.. but not 100% __________________ In November, you can vote for America's next president or its first dictator.

12-26-2006, 10:33 PM	#5
BitAudioVideo Confirmed User Join Date: Jul 2005 Location: USA, Georgia Posts: 1,246	you can get a cash gift and not report it. giving a gift is a bit different... i think its up to 12k in 2006 that you can give non taxable per person. a spouse, political group, etc can be more than 12k go to irs.gov and search 'gift tax' __________________ Hi-Quality Encoding - Bulk Orders - On Time! http://bitaudiovideo.com icq 50476697 - aim n3r0xXx