Submitted by Guest Tax Answer (not verified) on Mon, 08/22/2011 - 1:46pm.
The IRS would not be all over you or me, because gifts are not taxable for the recipient. Therefore, Strickland would not be liable for tax on gifts received. The giver of a gift may have to file a federal gift tax return, but only if the gift in a given year exceeds a certain threshhold.
The IRS would not be all
The IRS would not be all over you or me, because gifts are not taxable for the recipient. Therefore, Strickland would not be liable for tax on gifts received. The giver of a gift may have to file a federal gift tax return, but only if the gift in a given year exceeds a certain threshhold.