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Tax implication of flood victim receiving $70k gift from uncle?
Posted on 9/25/16 at 8:08 am
Posted on 9/25/16 at 8:08 am
As title states, what would you guess are the tax implications there if the recepiant was affected by a federally declared disaster?
This post was edited on 9/25/16 at 8:09 am
4
Posted on 9/25/16 at 8:39 am to Asgard Device
Gift it from uncle and aunt. No issues.
Posted on 9/25/16 at 8:52 am to Asgard Device
If the recipient is married, and the uncle is married, you could use the gift tax max of 14k 4 times this year (uncle gifts 14 to recipient and 14 to spouse, and likewise with the aunt), that brings you to 56k, if you could just do that right now and wait till Jan 1 (even if there is a personal loan involved) to gift the remaining , then there would be no tax issues
This post was edited on 9/25/16 at 8:53 am
Posted on 9/25/16 at 10:39 am to Tigerpaw123
And if that aunt and uncle lives overseas?
Posted on 9/25/16 at 1:43 pm to Asgard Device
Don't give it to them pay the bill for them
Posted on 9/25/16 at 2:13 pm to Asgard Device
Are they citizens?
Posted on 9/25/16 at 3:41 pm to TheOcean
quote:
Are they citizens?
No, they are citizens of Israel.
Posted on 9/25/16 at 8:21 pm to Tigerpaw123
quote:
If the recipient is married, and the uncle is married, you could use the gift tax max of 14k 4 times this year (uncle gifts 14 to recipient and 14 to spouse, and likewise with the aunt), that brings you to 56k, if you could just do that right now and wait till Jan 1 (even if there is a personal loan involved) to gift the remaining , then there would be no tax issues
This
Posted on 9/25/16 at 8:57 pm to Asgard Device
Uncle gives you money
Uncle gives SO money
Aunt gives you money
Aunt give SO money
Have atty handle problem solved
Uncle gives SO money
Aunt gives you money
Aunt give SO money
Have atty handle problem solved
Posted on 9/26/16 at 9:15 am to Asgard Device
quote:zero taxes will have to be paid, you will only need to file a gift tax return
Tax implication of flood victim receiving $70k gift from uncle?
Posted on 9/26/16 at 3:31 pm to Asgard Device
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