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Started By
Message
I was gifted a large sum of money. Any tax implications?
Posted on 2/5/17 at 9:32 am
Posted on 2/5/17 at 9:32 am
. It's a certified check. Are there any tax implications for me? TIA!
5
Posted on 2/5/17 at 9:34 am to 318TigerFan
How much is it?
Posted on 2/5/17 at 9:42 am to 318TigerFan
For the most part, unless you live in 6 states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) , Google says no.
LINK
LINK
This post was edited on 2/5/17 at 9:43 am
Posted on 2/5/17 at 9:45 am to 318TigerFan
For such a large amount you'd be better spending a couple hundred to get the opinion of a CPA.
Posted on 2/5/17 at 9:46 am to Motorboat
Ok, now that we've established your tax consequences will be minimal at worst, let's talk about what to do with the money.
Got any debt?
Got any debt?
Posted on 2/5/17 at 9:47 am to 318TigerFan
If it was truly gifted then you should not owe any gift taxes. The grantor would be responsible for gift taxes.
Posted on 2/5/17 at 9:49 am to Kreg Jennings
No debt. We are putting $100k in a two year CD. We plan on moving in about 2-3 years and will use that as a down payment.
The rest is going to our kids 529, IRA contributions for the year, and our savings account. Thoughts?
The rest is going to our kids 529, IRA contributions for the year, and our savings account. Thoughts?
Posted on 2/5/17 at 9:50 am to Janky
quote:
Janky
Top 10 user name of all time.
This post was edited on 2/5/17 at 9:51 am
Posted on 2/5/17 at 9:53 am to 318TigerFan
eta: sorry can't read.
This post was edited on 2/5/17 at 9:54 am
Posted on 2/5/17 at 9:53 am to 318TigerFan
quote:
No debt. We are putting $100k in a two year CD. We plan on moving in about 2-3 years and will use that as a down payment. The rest is going to our kids 529, IRA contributions for the year, and our savings account. Thoughts?
Not. A bad idea at all. Especially considering your intent for the money. Nice job starting with your reasoning there. I usually don't condone Certificates of Depreciation (CD's). But if you'll need it for a down payment, rock on.
As far as the IRA, the only suggestion I have is see if you qualify for a ROTH. Most people do. Tax free growth. Versus any money taken out your IRA when you're old enough being taxed at your income tax bracket.
Posted on 2/5/17 at 10:13 am to 318TigerFan
No tax implications for you, but be aware if you put the money in any taxable accounts (like the CD) you will earn interest and the interest is taxable.
That should go without saying, but I've learned never to assume anything.
That should go without saying, but I've learned never to assume anything.
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