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tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience:  Federal, State and local income tax preparation
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If a person w/o income receives a $30K gift from a non-relative

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If a person w/o income receives a $30K gift from a non-relative is that taxable income to the receiving person

tax-doctor : Hello my name is XXXXX XXXXX I'm happy to answer this question for you today
tax-doctor : NO. Amt above 13000 is however taxable to the giver

Do you know if this would count as income for Medicad/SSI. I know it would be a resouce until spent but would it be counted as part of annual income.

tax-doctor : NO, it would not

Can you provide a link I could use for discussions with Medicaid?

tax-doctor : Yes but just left for office. I'll modes and check for links in about 1 hr if okay?


I stand corrected; there are exceptions depending on whether they're on regular medicaid OR long-term care?
Customer: replied 4 years ago.


regular medicaid rules only allow a person to maintain cash up to $2000 ($3000 if married) before gift income affect medicaid payments. there medicaid payments would then be suspended until these monies fell below these limits.
Customer: replied 4 years ago.

I understand this $2000 resource limit and the effect of the gift until funds were spent but there is also an income limit. Would the gift count against the income limit?

yes it would
Customer: replied 4 years ago.

Do I assume a loan rather than a gift would avoid this income problem. Funds would be spent immediately to pay back taxes and debts for estate inherited from mother thus would not result in resources over the limit

yes, that would avoid this issue and the resulting fallout
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