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In Business / College | 2025-07-07

Gift amounts greater than $15,000 are subject to
A. excise tax
B. sales tax
C. federal tax
D. state and local tax

Asked by calebmackattack

Answer (1)

Gifts over $15,000 are subject to federal gift tax, which the giver must report using IRS Form 709. Generally, individuals can give up to $15,000 without triggering any tax implications. Gifts exceeding this amount reduce the recipient's lifetime estate exemption but may not incur immediate tax liability. ;

Answered by GinnyAnswer | 2025-07-08

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