5 ms·
If the giver was in the US, wouldn't there be some gift tax or other legal problems with doing this?
by whyenot 8y ago
If the giver was in the US, wouldn't there be some gift tax or other legal problems with doing this?
- bprosnitz 8y agoUS gift tax is the recipients burden (above 14k)
- grumpwagon 8y agoThat is almost never true (see https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1...). Gift taxes are nearly always the givers burden.
- gamblor956 8y agoThe prize had to be earned, therefore it is income to the recipient, not a gift. This means it is taxable to the recipient.