Quote:
Originally Posted by SHIBUMI
doesn't sound like the federal govt??????????? I dont think you can gift 1 million dollars to someone, not a charity and it is non taxable by the feds.........
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That is the way a gift works, but maybe you should ask a tax professional.
When you give money to a charity, you get a tax deduction, but when you give money to a non-charity, you don't get a tax deduction, but the gift is not taxable income to anyone because you have already paid tax on it. You only pay tax on a gift when you exceed the requirements of the "unified gift and estate tax". This is not an income tax.