No, the person who gives the gift may owe gift tax. Gifts from your employer may be taxable as income.
Also, if you receive property that appreciated in value since the donor purchased it, you get the giver’s cost basis. If you receive over $100,000 in gifts from one or more foreign individuals, you must file Form 3520 with the IRS.
If you or a family member need assistance with estate gift tax call me at (716) 333-5144.
The Law Offices of Friedman & Ranzenhofer, PC are committed to your legal survival since 1955. Our lawyers have over 85 years of combined experience. Our experienced attorneys can assist with a broad variety of legal skills needed in today’s complex world.
The firm has nine law offices. Besides the Akron office, we have offices in Buffalo, Batavia, Clarence - Williamsville area, Niagara Falls, Medina, Lockport, Orchard Park, and Rochester. If you are in need of an experienced attorney, contact us at (716) 542-5444 for dedicated representation.
