Socrtease
Verified User
Actually a gift is tax free up to 12,000 dollars and if you are married you and your spouse can give 12k each to the same person. And it is the person that gives the gift that has to report it and they are the one that will have to pay the taxes on it. The person who receives the gift does not have to report it nor are they required to pay taxes on the gift.LOL. That was good man.
IMO--the money should go to income tax payers only.
I have a question I need to know the answer to. Is this money going back to the people going to be taxed as income? If it is not my money, then it is a gift, and I don't have to pay taxes on a gift under 10,000 dollars.