Gift tax on 200k?

Question

does anyone know how much the gift tax would be on 200k.

Answer 1

If you are getting the gift, there is none.

If you are giving the gift, the calculation is a little complicated.  First, the gift is measured against the annual exclusion.  Second, it is measured against the lifetime exclusion. If it fails both tests, then gift tax is assessed.  I don't remember what the rate is though.

Answer 2

To the recipient, no tax.

To the giver, they'll have to file a gift tax return, but probably won't owe a gift tax.  The giver has a million dollar lifetime total they can give over the annual limit, and not pay gift tax on it.

Answer 3

Recipient has no tax implications to worry about.