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My wife’s step mom wants to give her a $100,000 early as her…

My wife’s step mom...

My wife’s step mom wants to give her a $100,000 early as her part of her inheritance before she passes, my question is how would it affect my taxes?

Accountant's Assistant: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.

I’m not sure what more you need to know?

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No just how it would affect my taxes

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3/14/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,408
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

It will not affect your taxes.

Gifts are NOT reportable or taxable to the recipient (receiver) of the gift in the U.S.

The donor (giver) has a REPORTING requirement if the gift is more than $15,000. Taxes will only be due to be paid if the donor (giver) has exceeded the lifetime gift cap of $11 million.

The donor will report the gift on Form 709.

https://www.irs.gov/forms-pubs/about-form-709-united-states-gift-and-generation-skipping-transfer-tax-return

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
My other question would be if I received a $100,000 from a trust payout how would that affect my tax burden?

Just Answer rules require questions on different topics to be posted as separate questions.

But, I will continue to assist you.

You should receive a K-1 from the trust, and the information on the K-1 gets included on your personal return. Once the information from the K-1 is entered, you will be able to see how it affects your tax burden. The K-1 determines the amount of taxable income, if any.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,408
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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