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If a person w/o income receives a $30K gift from a non-relative

is that taxable income to...
If a person w/o income receives a $30K gift from a non-relative is that taxable income to the receiving person
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Answered in 5 minutes by:
3/1/2013
tax-doctor
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience: Federal, State and local income tax preparation
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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
Customer:

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
Customer:

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?
Customer:

Great

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

regular

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.
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Customer reply 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
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Customer reply 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
tax-doctor
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience: Federal, State and local income tax preparation
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tax-doctor
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