Poor Nicolas

Corelli · 3:39 PM, 06/15/11

RE: Poor Nicolas

Corelli · 12:02 PM, 04/19/11

I think the giver pays tax on a gift but not the recipient MGirl.

MGIRL · Superstar

Then i wonder if the irs collects it both ways, from the giver and the receiver?

Corelli · 11:55 AM, 04/18/11

MGIRL wrote:
I don't understand this irs thing. I thought that people that received gifts had to pay gift tax. I was not aware that people that give gifts have to pay taxes. this is new to me, i have never heard of that.

I don't understand it either MGirl.

You'd think the person who RECEIVES the gift would have to pay tax on it

not the other way around!! Apparently giving gifts that cost over a certain

amount of money...such as expensive cars and houses...are taxable in the

USA and the UK!

MGIRL · Superstar

I don't understand this irs thing. I thought that people that received gifts had to pay gift tax. I was not aware that people that give gifts have to pay taxes. this is new to me, i have never heard of that.

MGIRL · Superstar

I just saw this that was posted on TMZ.com on April 15th. That Nic owes more to the IRS now because of gift tax. Now i think that it says that it is tax on gifts that he gave . I did not know that a person has to pay taxes when they give gifts. so here he was doing something good and now he owes money? seems not fair to me but i guess that is how the irs works. here is the article link- http://www.tmz.com/2011/04/15/nic-cage-irs-extravagant-gifts-gift-tax-lien-internal-revenue-service-nicolas-cage/