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I had a question about taxation of a Veteran's Benefit

Customer Question
Good afternoon, I had...

Good afternoon, I had a question about taxation of a Veteran's Benefit situation.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We are applying for the VA Aid and Assistance for my mother. In order to receive this benefit, she is going to transfer her monthly social security and pension payments to me, as her primary caregiver. I will use these to pay the household bills.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Well, the only question I have is whether or not both my mother and I will incur income taxes from this situation.

Submitted: 6 months ago.Category: Tax
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Answered in 5 minutes by:
12/4/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,715
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

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Customer reply replied 6 months ago
Hello, Angela. Not exactly sure what I just signed up for, but I only had the single question. Is this a recurring charge membership that I am going to have to cancel, later?
Customer reply replied 6 months ago
Never mind, I have the answer to that. have you any information on my question?
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 months ago

I see that you it shows that you became a member. If you do not want to have recurring charges, my suggestion is to contact customer service and let them know that you do not wish to be a member. I'm not sure how the back office bills, etc.

As for taxation to either you or your mother, the answer is no, VA aid is not taxable income, and her making you the payee does not create a taxable event. SEE BELOW:

----------------------------------------------

VA Disability Benefits
Do not include disability benefits you receive from the VA in your gross income. In particular some of the payments which are considered disability benefits include:

  • Disability compensation and pension payments for disabilities paid either to Veterans or their families,
  • Grants for homes designed for wheelchair living,
  • Grants for motor vehicles for Veterans who lost their sight or the use of their limbs, or
  • Benefits under a dependent-care assistance program.

--------------------------------------------

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Customer reply replied 6 months ago
Thank you
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 months ago

You are very welcome. Please remember to take the time to positively rate my response by selecting 3 or more stars so that I can receive credit for assisting you. A 5 star rating is greatly appreciated. Thank you in advance.

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