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I have some money coming from a grandfather he was wanting

Customer Question
to give it to me...
I have some money coming from a grandfather he was wanting to give it to me now rather than wait till after he is gone. Would it be better to get it now or wait? How do we avoid giving it to the IRS?

Dave, WY
Submitted: 7 years ago.Category: Tax
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Answered in 2 hours by:
12/1/2009
Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 7 years ago
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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How much money is in question?

 

jon

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Customer reply replied 7 years ago

$ 100,000 to $ 150,000

 

Dave

Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 7 years ago

He can go ahead and give it to you now if he wants. He will need to file a gift tax return for the amount that exceeds $13,000. There should not be any gift tax due unless he has made over $900,000 in gifts in prior years.

 

You will not owe any tax on the money.

 

jon

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Jon Andrews
Jon Andrews
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