money help (1 Viewer)

[place holder]

sorry to bother you great folks again,
but my mom is planning to give me $10,000,
and i was curious if the IRS would try and tax it.

would this be considered a gift tax?
also i think the taxable amount is like $12,000.
any advice would help. (also reading the IRS website, it's a headache.)

wish they would keep things simple.

thanks.

 

[mjp]

You should talk to a tax lawyer or even a good tax preparer. I think there are ways she can give it to you and avoid a heavy tax. If she just writes you a check and you deposit it in the bank, I'm pretty sure the IRS is going to want "their" third.

maybe Bill would have some non-legally-binding friendly advice.

 

[Gerard K H Love]

sorry to bother you...

Gifts to your kids or family is an old loop hole. mjp is right just call the IRS or check their web site, FAQ.
Or this movie had a good idea:
TheShawshankRedemption

 

[bospress.net]

Hi,
Have her give you (2) $5000 checks instead of one for $10,000. Deposit them a few days apart. Anything deposited for $10,000 or higher in the bank requires a notification to the IRS. Still, a gift is normally not taxable, but why have the hassle of the IRS form and having to explain it? It is not in the course of business and she paid taxes on it already.

That being said, I have not done taxes in a while, so I'm not up on all the regulations.

Bill

 

[harrystuped]

Good to know!