Gifting money: You can give $12K a year to someone tax-free. What if you gift more than that to someone?

Question

Say $250,000 or so. Not like $5 mil or anything...

Answer 1

the recipient will smile.

YOU might owe less in taxes

Answer 2

If you gift more than $12,000 in a year to the same person, then you must file gift tax return. You may not have to pay gift tax as there is life time exemption of 1 million.

Read this

http://taxipay.blogspot.com/2008/03/us-g...

Answer 3

The receiver doesn't have to do anything, but the giver has to file a gift tax return.  They might or might not have to pay a gift tax though - you can give a lifetime total of $1 million over the annual $12K before you have to pay gift tax when you give gifts.