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re: Best Approach to Accepting Large Cash Gift? What should I do with it?
Posted on 2/8/16 at 2:16 pm to lsupride87
Posted on 2/8/16 at 2:16 pm to lsupride87
quote:
Unpaid Taxes
If the person who gives you a gift doesn’t pay the taxes that are due on it, the IRS can attempt to collect the taxes from you. The IRS has a wide range of collection actions, which can include eventually placing a tax lien against you, although this usually happens only after it has contacted you and tried to find another solution. Tax liens are to be avoided as they can appear on your credit report and damage your ability to borrow money.
LINK
Don't feel like looking it up in the code. But it be in dere.
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