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Hello and thank you for using Just Answer,You will not have any gift tax on this transfer. First the giver normally pays any gift tax and then there is generally no tax for the giver unless they have gone over their lifetime limit of $5mil.
The giver may have to report a gift if the value is more than $14000 but that is still not a requirement for them to pay any tax.
so there is no tax burden on the receiver?
The giver is the one with liability to report (if more than $14000) and to pay any tax
Thank you very much, that's a relief. Can you point me to the IRS code about this?
Sure one sec please
My wife will surely have more questions, so I can be prepared :)
You can always come back and request me personally
Your positive rating is always thanks enough.
What is your expertise and qualification, cpa, lawyer, etc?
or does it say that somewhere here
You can click on my info but I am a tax adviser with many years experience.
Ok great, thank you so much, I will rate excellent :)
When you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.
Ok! Thanks again
You are most welcome and my condolences on your father's passing.
Thanks very much, it's been rough - my brother was killed two weeks before that in a work accident
I hope the best for you in this year.
My dad didn't recover from the cancer after that
It must have been worse on him
I'm sure. Well thanks again, if I have more questions I will come back
Thank you (I have to respond each time you say something):)