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Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 2981
Experience:  associate attorney
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My friend wanted to leave her jewelry to my daughter, $300,

Customer Question

My friend wanted to leave her jewelry to my daughter, $300, 000 value. I refused because i do not want my daughter to pay any taxes upon taking posession. However, my friend told me that she solved the problem by prepaying taxes in advance. Her motivation is to desinherit her children. Could she really prepay taxes due in advance. Could you please explain to me laws in this scenarion and how much taxes she supposedly paid, if she really took care of the tax issue
Submitted: 10 months ago.
Category: Tax
Customer: replied 10 months ago.
Would i be able to see the answe on line vs email? I am afraid i have a problem to log in at this time
Customer: replied 10 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Christopher B, Esq. replied 10 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

First of all, it does not matter if she prepaid gift tax or not, the person that receives the gift does not pay gift taxes on the gift, see link: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

The only way for your daughter has to pay this tax is if she has a written agreement to do so. If not, the gift tax is always paid by the person giving the gift. In 2015 there is a $5.45 million dollar lifetime exclusion for gifts where no tax is paid (again this is for the person giving the gift) so there should be no worries for your daughter to receive a gift such as this.

Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will be greatly appreciated.

Expert:  Christopher B, Esq. replied 10 months ago.

Unfortunately, the answer must be given through this site only and cannot be done through email. These are the rules of the site, I apologize.