Tax Law (Questions About Taxes)/tax law

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Question
My 95 year old dad wants to give me $25000 before he dies.  Will I be taxed on this money?

Answer
No income tax to yiu.   He might have an issue but I would bet he has not given away more than the $1m life exemption.  So no gift tax to him.  But form is required (irs709).

Are you married? He could give you and your spouse each 12.5 and no form is required.

If he has gain on a stoxk or IRA when he takes out the cash from bank or broker he might also have tax..  but still none to you

Cool that your dad is 95!

Hopefully he is not on deathbed and you have many good years with him!

Tax Law (Questions About Taxes)

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Expertise

Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience

19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

Organizations
AICPA, CSCPA (Ct society), National Tax,

Publications
a bunch.

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

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