4 ms·
Couldn't they have given it as a gift? No money involved.
by ssalka 7y ago
Couldn't they have given it as a gift? No money involved.
- omnimus 7y agoI am pretty sure US tax law does not work that way.
- Terr_ 7y agoWhat do you mean? The inheritance itself is already a gift, it just happens to be a gift from a dead person who might or might not be related to the recipient. I'm not just being poetic, they are actually connected in the tax code. Untaxed inheritance and untaxed gifts come from a similar lifetime limit, after which they are taxed.
- PeterisP 7y agoGifts are generally fully taxable as income, with a bunch exceptions for e.g. small amounts and nonprofit donations. If this was gifted to someone, that person would be liable for $29m income tax.