Do I have to pay tax on any of this?
2007-02-26 10:08:03 · 4 answers · asked by Jones K 1 in Business & Finance ➔ Taxes ➔ United States
No, you don't, but your mother has to file a gift tax return. $12000 is tax free, the other $13000 goes against her lifetime/estate exemption.
2007-02-26 10:24:04 · answer #1 · answered by CarVolunteer 6 · 0⤊ 0⤋
No, but she'd have to file a gift tax return since the amount was over the $12K limit for one person to gift to another in one year. Unless she's done this a lot of times though, she won't actually owe a gift tax.
You won't report any of this on your income tax return.
2007-02-26 18:34:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No, you have no tax liability from that gift. Your mother may have to pay Gift Tax on it as it was more than the $12,000 annual exclusion amount. Gift Tax is always paid by the donor, never the recipient.
2007-02-26 18:56:56 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
To my knowledge..I think you have to pay a transaction fee (opening an account, signing papers, lawyers, bankers,....), I dont know about a tax on it
2007-02-26 18:14:03 · answer #4 · answered by Anonymous · 0⤊ 1⤋