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re: Best Approach to Accepting Large Cash Gift? What should I do with it?
Posted on 2/8/16 at 2:15 pm to TheOcean
Posted on 2/8/16 at 2:15 pm to TheOcean
quote:
You're still wrong. If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
How would the IRS ever know about the gift? Serious question.
2
Posted on 2/8/16 at 2:17 pm to LSUfan20005
quote:
How would the IRS ever know about the gift? Serious question.
Not touching that one
I'm sure poodle/houston will chime in at some point
Posted on 2/8/16 at 2:20 pm to LSUfan20005
quote:
How would the IRS ever know about the gift? Serious question.
Anything above $14K and the donee is required to file a gift tax return.
If not, the IRS can find it on an audit of the estate tax return. If the donor isn't worth more than $5.45 million ($10.9 for couples), then they probably will not file an estate tax return and the IRS will never know.
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