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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11544
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If I receive sum of 21k or more in one year, there any

Customer Question

If I receive sum of 21k or more in one year, there any portion of that taxed as income? I know the gifter can give up the to 14k before it starts counting toward the lifetime exclusion limit...
Submitted: 8 months ago.
Category: Tax
Expert:  Lane replied 8 months ago.

Hi. I can help with this. My name's Lane.


No. Under IRC §102,bequests (inheritance), gifts, and devise, are specifically excluded from income (for income tax purposes).


And, yes, you are correct (the reason it ISN'T taxable as income - is becasue it IS taxable as a gift - a transfer tax) ... subject to the lifetime exclusions.


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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.