Tax Law (Questions About Taxes)/tax law


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

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!

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


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