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re: Best Approach to Accepting Large Cash Gift? What should I do with it?
Posted on 2/8/16 at 2:08 pm to TheOcean
Posted on 2/8/16 at 2:08 pm to TheOcean
quote:You are wrong. 100%. The donor pays the tax. Please argue this with me
You would also be incorrect. Don't feel like citing the code.
quote:
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
IRS.GOV
LINK
This post was edited on 2/8/16 at 2:09 pm
3
Posted on 2/8/16 at 2:09 pm to lsupride87
So the donee is never forced to pay the tax? How much would you like to wager?
Posted on 2/8/16 at 2:10 pm to lsupride87
quote:GET YOU SOME. You are being a typical attorney though
The person who makes the gift is the one who is responsible for paying any gift tax that may be due and reporting the gift to the IRS on a gift tax return - IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and the applicable state gift tax return (if any).
Yall love to argue the tax code with CPAs 
Posted on 2/8/16 at 2:10 pm to lsupride87
quote:
First, you don't have to pay any taxes on any gift ever. Thats the relative's responsibility.
=/=
quote:
Under special arrangements the donee may agree to pay the tax instead.
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