WI tax help...file if gifted?

[letfuller]

Any Wisconsin tax experts out there? DMIL in her 70's, no property as she rents an apartment, single and retired was gifted a 2006 Toyota Camry this past year. Does she need to file a tax return? If so, for how much or where can I find this information for her?

Much thanks,

Linda

 

[bsnyder]

Any Wisconsin tax experts out there? DMIL in her 70's, no property as she rents an apartment, single and retired was gifted a 2006 Toyota Camry this past year. Does she need to file a tax return? If so, for how much or where can I find this information for her?

Much thanks,

Linda

Not sure about WI state taxes, but for the IRS, the donor (not the recipient) will have to file a gift tax return. And pay taxes on the FMV amount of any gift in excess of $12,000.00 (for 2006) to any one individual per calendar year.

http://www.irs.gov/newsroom/article/0,,id=107815,00.html
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html