I have a relative that is giving me approximately $225K. The relative will be cashing in savings bonds. Some of the bonds have my name on them (around $50k), the rest just have the relative's name.
How does the taxes work in this situation. What is the relative's tax burden, and mine? How do we report it? Is there any way to avoid taxes (ie: one time gift allowance)?
I am in the state of Texas, so there is no State Tax. The relative is in Louisiana, so there is a State Tax.
2006-10-13
02:12:02
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3 answers
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asked by
Anonymous
in
United States