How much money can you give someone before they are taxed?
Answer
The person receiving the money is never taxed. It's the person giving the money who might be subject to gift tax. You may gift a person up to $13,000 this year without the need to file a gift tax return. However, you may gift up to $5,120,000 without paying to pay a gift tax. This amount expires at the end of 2012.
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