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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 966
Experience:  Certified Public Accountant
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My sister in law gifted me 100.000 dollars what kind of

Customer Question

my sister in law gifted me 100.000 dollars what kind of taxes will need to be paid or tax forms will have to be filled out
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

Hi, my name is Mark. I will be happy to help you with this questions. From your standpoint as long as your sister is a US citizen you do not have to do anything. The amount is not taxable to you since it is a gift. Your sister would have to complete form 709. A few years ago the government combined both the gift tax and estate tax exemptions together. Your sister would need to reduce her lifetime exemption by the amount of the taxable gift ($100,000 less $14,000) of $86,000. The current amount of the exemption is 5.45 million. So as long as your sister has not made taxable gifts in excess of this amount there would be no taxes on her end either.

Expert:  Mark Taylor replied 3 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any questions or need clarification. I am happy to help.

Customer: replied 3 months ago.
Very helpful
Expert:  Mark Taylor replied 3 months ago.

It was my pleasure.

Customer: replied 3 months ago.
Very good
Expert:  Mark Taylor replied 3 months ago.

Please let me know if you have any other questions. I hope you have a nice day.