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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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my father passed away 2 years ago; 4 adult children received

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my father passed away 2 years ago; 4 adult children received a nominal inheritance that did not seem compensurate with the earnings my father aquired over the course of his lifetime; we recently approached his longtime girlfriend about whether or not there may have been more money in another acccount; she has offered to send a share of the money that had been left to her; she is going to release 100,000 each, to two of us, with whom she has a good relationship and has asked us in turn to divide the $ equitably with the two remaining siblings with whom she is less familiar; she says she will pay the gift tax as it'll be coming from her account; Q:how can we know what that amount should be and whether we will owe any additional tax?;Q: also, since she prefers to send $ to 2 of us and then have us give 1/2 to our other brothers, will that be considered a gift from us to them? She says she'll provide a letter verifying her total payment to the IRS for the T=$200,000; HELP!
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

If someone gives you the money without charge or consideration - that is considered a gift.

Gift is an income, but not taxable income. Please see IRS publication 525 page 33 for reference - http://www.irs.gov/pub/irs-pdf/p525.pdf

 

 

So - the recipient does not need to claim it on his/her tax return and does not owe any taxes. There is no limit on the gift value.

 

The donor - may need to file a gift tax return if the gift amount is above $13,000 per person per year (for 2009) , but there would not be any gift tax unless the lifetime limit of $1,000,000 is reached.

Refer to Form 709, 709 Instructions and Publication 950.

 

Let me know if you need any help.

 

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22829
Experience: Taxes, Immigration, Labor Relations
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