Discussion:Benefits & gifts
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Discussion Forum Index --> Advanced Tax Questions --> Benefits & gifts
Discussion Forum Index --> Tax Questions --> Benefits & gifts
| 26 April 2008 | |
| My client is uninsured and experiencing large medical bills. Individuals and churches in her community are offering her assistance in the form of direct gifts and benefit concerts. The gifts from the church will be less than $12,000. The proceeds from the benefit concert are yet to be determined. Are the proceeds from a benefit concert considered the same as a gift - i.e., less than $12,000 requires no gift tax, and over $12,000 subject to gift tax? I've searched the archives here and also searched in CCH but didn't find anything. Also, if a bank account were opened for her benefit, what tax ramifications are there? Thank you! | |
RoyDaleOne (talk|edits) said: | 26 April 2008 |
| The donee, generally, has no responsibilty for gift taxes. | |
| 26 April 2008 | |
| Yes, I understand that the donee bears no responsibility for gift taxes. My question, I suppose, is are the organizers of the benefit concert liable for any gift taxes if the net proceeds exceed the $12,000 limit? | |
RoyDaleOne (talk|edits) said: | 26 April 2008 |
| Removed comment. | |
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