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Answer is "no" on both questions. Gift is not taxable for gift receiver. Gift giver is responsible for gift tax if he or she is US resident, but there is $11,000 exclusion and $1,500,000 lifetime tax free limit. So, no tax to be paid by the giver. |
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Answer is "no" on both questions. Gift is not taxable for gift receiver. Gift giver is responsible for gift tax if he or she is US resident, but there is $11,000 exclusion and $1,500,000 lifetime tax free limit. So, no tax to be paid by the giver. |