Who is responsible for paying the estate and gift taxes?

 
Link to this answer

Close Close

Link to this answer

Share this credible answer with others. Simply paste this code into your blog or Web page:

<a href="http://answers.encyclopedia.com/question/responsible-paying-estate-and-gift-taxes-427340.html" >Who is responsible for paying the estate and gift taxes?</a>

... the individual making the transfer is responsible for any transfer tax owed (whereas, in contrast, the individual receiving income is responsible for any income tax owed). Thus, the executor of an estate, as the estate's representative, is responsible for paying any estate tax due, and the donor of a gift is responsible for paying any gift tax due.

Answer verified with
Get more facts and information about Estate and Gift Taxes from West's Encyclopedia of American Law at Encyclopedia.com.

Similar questions: Who picks up the bill on estate and gift taxes? Who pays the tax on an estate or gift? [ Hide these questions ]

Related entries at HighBeam Research

Estate tax lingo: planning for your estate starts with knowing the... Farm Journal ...about estate taxes, or "the death tax," usually require...or her death. Estate Tax Exemption...the federal estate tax exemption...million, and the estate tax rate for estates valued at more...exemption, the gift tax exemption...gift is ...
The state of the gift tax: beware the latest changes Intelligencer Journal Lancaster, PA ...to pay the tax, whereas the...percent gift and estate tax bracket...Congress included taxes paid on gifts made in the...person's estate, but allowed...making the $100 gift described above...Pennsylvania has no gift tax, it does bring all gifts made ...
Your Wallet Chicago Sun-Times ...373-3366. Tax myth of the day...ve got to pay taxes on a gift or inheritance...Usually, gifts or inheritance...with the donor responsible for paying the federal gift tax or the decedent's estate paying the federal state...