my grandmother gave me 30,000 in a personal check two weeks before she died what is the tax if any?

Answer 1

This is not taxable; this $30,000 is excluded from your gross income, you don't have to pay any tax on it. See IRS Code Section 102. Your grandmother's estate (decedent's estate) may be subject to gift tax.

Answer 2

Whoever files her last tax return will have to file a gift tax return, form 709. You dont owe any taxes on it, and I doubt will. She can give you twelve thousand dollars annually and its not taxable. The remainder of that would go towards a lifetime amount she could give as a gift of $345.800. That would count against the amount she could exempt from her estate for taxes. She can exempt a million dollars from her estate. So unless she has given away more than that over her lifetime its probably not taxable. But the 709 has to be filed. The probate lawyer will most likely file the estate tax return. That is a seperate return from the last tax return for the individual.

Answer 3

There is no tax for you. However, her estate will have to file a gift tax return on Form 709. Filing the gift tax return will not directly result in tax for her estate though. It may simply reduce the unified credit she would get on her estate tax return. Go see a CPA.

Answer 4

None, to you.

She ,or her estate, is responsible for declaring this gift. The first $11,000 is tax-free, the rest is subject to gift tax, but not to you - to her. If it is not a gift, it is not subject to gift tax. You may be better off calling it a loan (if you can) if you are the beneficiary of her estate. The first $2 million would not be subject to tax for federal purposes. States vary, but the rates are very low.

Answer 5

You can receive 10 thousand dollars from a person in one year (AS A GIFT) with out tax. Anything over that you have to pay tax, as far as I know.