Quote:
Originally Posted by chevydude26
your allowed to recieve up to a million dollars before you have to pay any gift tax...you do have to report anything over 12000 but you won't pay any taxes on it
|
The giver pays the gift tax and that is where the lifetime limit is applied, it is an extension of the inheritance (i.e. death) tax meant to keep the terminally ill from giving too much away tax free.
But the Camaro is not legally a gift, it is income and GM will give the winner a 1099. :(