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Gifting and the IRS - Misconceptions 1 Citation After years of incorrect understanding of gift taxes, today I did some research online and found a few interesting misconceptions and their correction. The definitive source online is the IRS site, with the relevant page located at: IRS Gift and Estate Tax Overview Misconception #1: The recipient of gifts over the exclusion limit ($12,000 per person in 2008) is taxed. This is not true, the only possible tax on gifts is born by the person giving the gift. Misconception #2: All gifts a, technorati.com
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Gifting and the IRS - Misconceptions 1 Citation After years of incorrect understanding of gift taxes, today I did some research online and found a few interesting misconceptions and their correction. The definitive source online is the IRS site, with the relevant page located at: IRS Gift and Estate Tax Overview Misconception #1: The recipient of gifts over the exclusion limit ($12,000 per person in 2008) is taxed. This is not true, the only possible tax on gifts is born by the person giving the gift. Misconception #2: All gifts a, technorati.com
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