What are the gift tax rules?

By Forinfos - 16/03/2025 - 0 comments

The person who gives property or a sum of money to someone other than his spouse is the party responsible for reporting the gift and paying the taxes on the gift, states About.com. The taxes for the gift are due on or before April 15 the following year.

The gift does not count as earned income for the receiving party, states About.com. However, the gift may be eligible for the capital gains tax if the gift is sold at a later date. If a nonspousal party is added to a bank account, investment account or a real estate deed, the gift tax is also applicable.

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