Hi, I can help you with this!
Yes, and thank you.
No gifts and inheritances,m by law, are excluded from income ... so not only would it not be considered earned income (which COULD affect you taxes and SSDI) it is completely excluded from income, altogether.
Here's the tax law on this:
Also, the lifetime exclusion on gifts and inheritances from GIFT tax is $5,250,000, so there's no gift tax either
I assume taxes would apply to the house as well as the financial gift. The only concern is a compromise to my monthly benefit as it is. Am I correct that the former would apply, but that the prior would remain unaffected?
I read the rest of your answer
So, unless he has given away more than $5 million in his lifetime NO neither is included
I beleive I understand that the benefit remains intact?
because those items are not considered income
Thank you very much. How may I tip you for this service?
our positive rating is thanks enough ... you're very welcome
Have a nice day.
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