My grandmother has "struck oil" in Texas, so she gives each of her children "a cut", and they in turn are giving each of their children "a cut". If my grandma pays taxes on the money, and then my dad pays taxes on what he receives (though he really only keeps 25% of it), and then we the children pay taxes, isn't that tripple taxation? What do we do?
2007-03-24
19:14:21
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6 answers
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asked by
Anonymous
in
Business & Finance
➔ Taxes
➔ Other - Taxes
I should clarify that the money exceeds the alotted "11,000" yearly tax-free gift... also, because my grandma is dividing the money 3 ways (which each of her children are then dividing 4 ways to give to family), we don't want my grandma to pay for all of the taxes... but we also want to avoid the "tripple taxation" thing (ie will it look like my grandma is making, say, $330,000 a year, though she only keeps $110,000, and then my dad, who "receives" $110,000" only keeps 25%, and so on.... so how do we make sure that we each are only paying taxes on what we KEEP and not on what we are dispersing? (if that makes sense)....
2007-03-25
09:04:01 ·
update #1