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Gifts and inheritance taxes

ncflamingogirl2 — Tue, 24 Feb 2026 06:40:41 GMT

This year a friend gave my husband and me monetary gifts totaling $35,000.

He also had us listed on his checking account to be paid on his death $103,319.19 EACH for a total of $206,638.38.

What do we need to set aside for when we file our federal and state income taxes?

Re: Gifts and inheritance taxes

johnd84 — Wed, 28 Jun 2023 17:10:30 GMT

Thanks for the question. What a great friend to have 🙂 So a gift and also inheritance may or may not be taxable to your friend who gave. It is not considered income for your income tax return, so it will not be reported on your tax return. Here's a quick guide for you: Gift tax guide

Re: Gifts and inheritance taxes

TeriH — Wed, 28 Jun 2023 17:12:15 GMT

A cash inheritance is not taxable at the federal level. You should check your state for it's rules, as they all differ.

GIFTS:

The recipient of a Gift has no Income Tax Liability for the value of the Gift.

The Donor may have to review the rules regarding Gifts, if any one Gift from one person
to one other person is greater than $17,000 in 2023. This is not income tax and
is the responsibility of the Donor not the recipient. viz., IRS Form 709