how much tax do you pay on gift money
If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $14,000 in 2014 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts.ut most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($14,000 in 2014) to any number of people every year, without facing any gift taxes. Recipients generally never owe income tax on the gifts.