If my mom gives me 1.5 mill do I have to pay tax's and if so how much?

Answer 1

Absolutely! Need a tax acc't or lawyer. There are ways to lower the taxes.That money can't just show up in your bank acc't without the IRS reciving bank report...so go totax expert first. Good Luck!

Answer 2

Your mother would have to file a gift tax return and she as the donor is responsible for paying any gift tax. There is a $12,000 exclusion she can claim.

Every donor is also allowed a lifetime gift exclusion amount of $1 million. Assuming she hasnt used up this credit, only about a half million will be taxable, and the tax due will probably be around $155,000.

Your mom needs to file a gift tax return (Form 709).

Answer 3

You won't have to pay taxes, since the recipient of a gift never has to pay federal, state or local income taxes on the gift. Your mother, however, will likely owe federal and perhaps state gift tax on a good portion of the gift, since $1.5 million is greater than the lifetime gift exclusion amount. She is the one who should be seeking the services of a tax professional (and don't go to a CPA either, go to someone who really understands taxes).

Answer 4

The Uniform Gift To Minors Act is for $10,000 a year. For 1.5 million, you would need to check with a tax accountant.

Answer 5

yes someone will have to pay a gift tax (not sure if it would be the giver or the recipient) should be somewhere between 30-37% of the gift

Answer 6

If you're serious you don't have to pay taxes on a gift.

Answer 7

you don't have to pay any tax, this is not income to you. She would have to pay gift tax in the amount of $210,000.

Answer 8

i think you have to pay tax's on that money

congratulation hope you do something good with that money