Quote:
Originally Posted by bluejays
Sorry, pardon my ignorance but there's a tax for the giver of a gift??? Not the receiver, but a giver? And American's have the audacity to say we're taxed to death?
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People were giving huge gifts to their kids to avoid the inheritance tax, so if you give a big gift while you're alive you have to pay tax on it.
First $18k per recipient per year is tax free though, so it isn't like the average person is going to trip that on Christmas gifts.