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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13330
Experience:  15years with H & R Block. Divisional leader, Instructor
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My 87 yr old mother is receiving an inheritance of money

Customer Question

Hi. My 87 yr old mother is receiving an inheritance of money from her uncle. When she received the money, she wants to split it 7 ways, 1 share for her and a share for each of us six kids. We are in Wisconsin. Total $260,000. If she paid a check to each of us kids, would we have to pay inheritance/gift tax?
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Submitted: 5 months ago.
Category: Tax
Expert:  Robin D. replied 5 months ago.

Hello

The gift to each of you is not taxable. Your mother would need to report using form 709 if she gives any one person more than $14000 but she would not be taxed as long as she has not used up all her lifetime allowed gifts ($5.45 Mil).

The receiver does not pay tax when a gift is made to them.

Please remember that you are required to rate in a positive way (look for the STARS or SMILEY FACES) so I am credited with responding.

Expert:  Robin D. replied 5 months ago.

Checking to see if you responded

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