What is the tax (state & fed) for a gift cash of $1million for the recipient in Oregon?

The gifter and the recipient are not related, just friends and the gifter is coming into a large sum of money and wishes to give gifts of cash to family and friends.

What is the tax (state %26amp; fed) for a gift cash of $1million for the recipient in Oregon?
No gift taxes due. First the giver is allowed to deduct 12,000 per donee per year. Then the giver is allowed a 1 million deduction for the excess gifts. The giver will have to file a Form 709 to prove all of this. The donees pay nothing and file nothing.
Reply:Long-lost Cousin Stu? Is that you?
Reply:looks like no one else answered this for you. if you have that much you can afford to ask a paid accountant, or look on irs.gov





you will see that there is a gift tax payable for gifts in excess of $12,000 per person per year. i don't know the rate, but expect a very high payment.
Reply:Gift taxes are paid by the Giver, not the Receiver.
Reply:Wow, what a deal!








There is no tax to the recipient.





With amounts like that being given to multiple people, the gifter might be liable for gift taxes. If someone has that kind of money to give away, I'd assume they already have an accountant - he or she should ask the accountant what the tax implications are.
Reply:well, i'll pay all the taxes if ur friends gave it 2 me, lol