If I receive $5.9 Million as a gift and agree to pay the taxes for that ammount, How much will I have to pay in taxes? Or does the "Gift Tax" only benefit the giver?

[DoninGA · Accepted solution]

If you receive a gift from a US individual it is not reported on a tax return, regardless of the amount received.

If the gift received is from a foreign individual the gift has to be reported to the IRS if greater than $100,000 using Form 3520.  This is an informational form only and not a tax return.

The giver of the gift has to complete an IRS Form 709 if the gift given to a single individual in a year is greater than $14,000

[jcollazo-007]

Thanks for the response but I am a bit confused. I was reading this article:
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N">https://turbotax.in...>

Talks about a $5.49 million lifetime exclusion and left me confused since i honeslty dont know much about tax codes.

Thanks in advance,

Jay

[macuser_22]

That applies to the giver of the gift, not the receiver. Any gift over $14,000 reduces the lifetime exclusion.  Once it is used up then any gifts exceeding the exclusion (or estates) is subject to tax.  As the receiver of a gift, you do not need top be concerned about that.