gift tax I have a question about gift taxes.
My understanding of the lifetime exemption is that a person can give $5.25 million in total in their lifetime without paying taxes on it.
However the person who is going to be giving me the gift says that that amount relates to inheritance only. They've said: "That's inheritance. The donor has to die. Its 14k per year per donor tax free."
Can you please clarify how the gift tax works and if it only applies after the donor dies.
Thank you. |