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URL:  http://boards.fool.com/i-dont-know-what-the-original-message-was-but-in-10705970.aspx

Subject:  Re: Gifts under 10K Date:  3/26/1999  12:53 AM
Author:  donovantx Number:  12920 of 121144

I don't know what the original message was, but in general a donor (the giver) who gives >$10K to any individual within a single tax year must file a gift tax return and pay gift tax. The donor is responsible for the tax. If you or anyone else gives the donor $ to pay the tax, you have made a gift to the donor. For example (and just for example), single dad gives son $90K. Tax on $80K ($90K-10K tax free) is $30K (a guess). Son gives $30K to dad to pay the tax or son pays the tax directly to the IRS. Net result: dad has made a taxable gift to son of $80K and son has made a taxable gift to dad of 20K ($30K tax-10K tax free).

Please do not rely on this advice in any way. It is a generalization and may not apply to your specific situation. Consult an experienced CPA or tax attorney.
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