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So just offload ~35% or whatever it is to cover the taxes in anticipation that they're reporting it to the IRS. Not sure if it qualifies as a gift though, whic
by bduerst 5y ago
So just offload ~35% or whatever it is to cover the taxes in anticipation that they're reporting it to the IRS. Not sure if it qualifies as a gift though, which may be taxed different than income.
- pc86 5y agoThe giftor pays the tax in the US, not the person receiving the gift. And only under certain scenarios. Practically speaking, "gift tax" is usually not a thing for what most people would consider gifts, but always speak to a CPA and probably attorney, etc. etc. etc..