My understanding is that the giver of a gift pays taxes to the IRS, but the recipient doesn’t (with many qualifiers (at most $10k/year to family?) that I don’t recommend we research or discuss, because it’s boring and irrelevant).
My understanding is that the giver of a gift pays taxes to the IRS, but the recipient doesn’t (with many qualifiers (at most $10k/year to family?) that I don’t recommend we research or discuss, because it’s boring and irrelevant).