Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Whats the effect of transferring more than eleven thousand dollars to another person?

April 26, 2017Dollars person thousand transferring

0

Posted

Whats the effect of transferring more than eleven thousand dollars to another person?

1 Answer

0

Posted

Filing a Gift Tax Return is required in the year you give away the excess amount (over eleven thousand dollars). However, no tax is due until you have given away more than $1 million dollars.