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question on large sums of money as gift.

 
 
OGIONIK
 
Reply Sun 15 Jul, 2007 06:29 am
My grandpa is gonna give me over 16 grand , am i gonna have issues on taxes or anything like that for getting that much money?
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Type: Discussion • Score: 0 • Views: 735 • Replies: 5
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happycat
 
  1  
Reply Sun 15 Jul, 2007 06:33 am
I guess that would depend on where you live and the tax laws.
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parados
 
  1  
Reply Sun 15 Jul, 2007 07:05 am
IRS info on gift tax
In the US to avoid federal gift tax you need to be below the maxiumum allowed. I am not sure what it is for 2007 but probably still in the $11,000 range.

It looks like your grandfather could give you some of it this year and some next year or your grandfather could give you some this year and your grandmother could give you some.
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Noddy24
 
  1  
Reply Sun 15 Jul, 2007 10:09 am
See:

http://finance.comcast.net/personalfinance/view.html?x=tax/homefamily/gifttax

The tax-free limit for the IRS (federal) is $12,000.
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Ticomaya
 
  1  
Reply Sun 15 Jul, 2007 11:16 am
I haven't studied it in a while, but as I recall, the recipient of a gift does not have the amount of that gift considered as income to them for U.S. income tax purposes.
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Walter Hinteler
 
  1  
Reply Sun 15 Jul, 2007 11:22 am
... and if there's a tax on a gift (which occurs only in very rare cases as I've read) it's always the donour who has to pay it.
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