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My mom recently sold the house & was planning on giving me

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$30,000. this money is to...
my mom recently sold the house & was planning on giving me $30,000. this money is to be set aside toward funeral costs in case something happens to her. is this taxable? if yes, how much do you estimate the tax to be?
Submitted: 2 years ago.Category: Tax
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10/1/2015
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
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No. It is not taxable to you. If it is a gift, she would be required to file a gift tax return at the same time she files her income tax return for the year that she transfers the funds. She would file the return on Form 709, but no tax would be due. As an alternative, she could set up a separate joint savings account or a POD (Paid on Death) account where the balance in account would go directly to you when she died. In that case no gift tax return would be due.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Do you have any further questions or may I further clarify anything for you?

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