GiftTax

It's an annual rite of passage that almost every taxpayer goes through: Interpreting the latest and greatest IRS rules. Of course, that leads to lots of tax questions. Luckily, we have the answers. Below tax blogger and attorney Kelly Phillips Erb tackles some of your top tax questions.

Someone wants to give you a gift of money (lucky you!) but you don't know what to do in terms of your tax return. Rest easy! As the receiver of the gift, you don't have to do anything. I admit it... the tax rules surrounding gifts are a bit counterintuitive. The giver of the gift is the one who...