Have a Tax Question? Ask a Tax Expert
Welcome and thank you for giving me the opportunity to assist you with your tax question.
From the information you have given, there are no tax consequences to your husband or you. It is a gift from your niece to your husband/you.
Please let me know if you require further information or clarification. Thank you.
I did not see you coming into chat, so I switched to Q&A mode. At my end, it shows you are currently online. For tax purposes, the reporting of the gift to your husband falls on your niece. Please let me know if you are able to view my answer and if you would like any additional information.
My question was will my wife and I have to pay Federal income tax on this gift?
By tax consequences, I meant will my wife and I have to pay federal income tax on the gift.
I apologize if I was not clear in my answer to you. As I stated in my initial response, there are NO tax implications to you and/or your wife for this gift, so you will NOT have to pay federal income tax on the gift.
I would appreciate you reconsidering your poor rating of my answer.
Again, at my end it shows you are offline.
Please confirm that you were able to view my response of 10:42 am. If not, please come back to me here.
Just a short note to thank you very much for changing your rating of my answer. It is most appreciated.
Again, I apologize if I was not clear in my initial response to you.
If you have any questions in the future, please feel free to put "for bkb1956 or Barb" in the subject line, and I will be happy to assist you.
Thanks again, and have a great day!