Originally Posted by
DinarDarling
No, gift taxes are not paid by the Donor if the gift is more than $12,000. You have a lifetime limit of up to $1mil. usd. to gift. If you give more than $12,000in any one calendar year, you have to file a Gift Tax Return that is an INFORMATIONAL RETURN only telling the IRS of how much you gave that year. You can keep doing that informational return until you reach the million dollar mark. Then YOU PAY THE GIFT TAXES IF YOU ARE OVER THAT LIMIT. The recipient does not pay any taxes.
But, be careful of that $12,000 figure if the IRS decides to audit you. Watch out that Birthday and Christmas gifts do not take the annual limit over $12,000.
Also, someone mentioned that who would know if you got your Dinar from a family member or bought it yourself. Well, if you're audited and you don't have proof that you paid for it, you're in deep do do. Even if you write it down on a piece of paper and said it was from matress money or whatever, at least you've kept some sort of detail on the acquisition.