re: Best Approach to Accepting Large Cash Gift? What should I do with it?

For the money board there sure has been some poor answers so far.

First, you don't have to pay any taxes on any gift ever. Thats the relative's responsibility.

Second, the relative has something like a million dollar lifetime gift tax exemption. The 14k per year just doesn't count against that amount. May be 2 million now I'm not sure.



Eta, bottom line on taxes is u won't have to pay any taxes on amount and the relative won't have to pay any either unless the amount is over 14k and they have exhausted their 1-2mil lifetime exemption.