AboutIvan Roth Expertise Federal and State Income taxes I do tax returns for partnerships and C corporations I am well versed with State Franchise taxes for CA, CT, FL,NY,TN,TX.
Experience Eight years as tax manger for a real estate company
Expert: Ivan Roth Date: 8/26/2008 Subject: gift tax help
Question Hello,
My grandmother recently send me a personal check for $30,000.
She said she is dispersing what would be my inheritance now, so she can see me use the money while she is still alive.
The money comes from a join account my grandfather and her had together. My grandfather is deceased.
My question is am i required to claim this money in anyway on my income tax return? If so, how much of it (roughly) should I expect to pay in taxes? Household income is roughly $150,000 per year.
Answer John the gift is totally tax free to you as to your grandmother she will need to file a gift tax return for gift the but is most likely the form will be for information only as she has many exceptions available before the tax kicks in
Sounds you Grandma has her philosophy right my wife feels the same way
