Monday, February 14, 2011

Valentine's Day and the Gift Tax

Chances are Uncle Sam is not going to want a piece of your valentine today, according to IRS Spokesperson Sue Hales.

Hales tells KLKS News, there is a gift tax exclusion of $13 thousand for each person who receives the gift.  And, she says the person who gives the gift is most often responsible for any tax.  So, a bouquet of flowers is not going to get any interest from the government, but a Porche probably will.

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