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Gift Tax Explained - Do You Pay Taxes On Gifted Money?

In this video, I explain what gift tax is all about. Do you need to pay taxes when you receive a gift? Do you need to pay taxes with giving a gift? Those are both important questions I answer in this video. Also, how does estate tax work? That's related too! Check out our other videos related to personal finances and tax, as well as business finances and tax. If you want more live Q&As or one on one chats to get specific questions answered, check out our Patreon page:   / nguyencpas   Our Website: www.nguyencpas.com Join our Facebook group for more active updates:   / nguyencpalounge   Our online course for navigating the pandemic: https://courses.nguyencpas.com/course... Budgeting Playlist:    • Budgeting   Winning in Business Playlist:    • Winning in Business   Tax Playlist:    • Tax   PPP Playlist:    • PPP Information   EIDL Playlist:    • EIDL Information   COVID-19 Playlist:    • COVID-19   This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.