I'm about to receive a small inheritance of about $25,000 from an aunt who recently passed away. From what I understand the taxes on that have already been paid via the estate. However, I wish to give my mother the check for $25,000 because she paid for the cost of my college.
Obviously college cost me a lot more than $25,000 but we do not have an official contract written up since we're family. Will giving her that money be subjectible to a gift tax or is there a way around this since its to reimburse her for the cost of my college tuition?
I realize anything more than $11,000 can be taxed, but I also realize that tuition is something that is exempt to this so I'm not sure how to go about this.
Thanks for your help in advance.
2007-06-07
05:03:24
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8 answers
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asked by
eerfoolwvu
2
in
United States