If my mom gave me some of my inheritance cash ahead of her time, to invest in my small business, would there be any taxes or penalties for either of us?
01259
1 Replies
Bsch4477
Level 15
Jun 4, 2019 8:41:14 PM
She can give you $15,000 without tax consequences. If more than that she can complete a gift tax form reporting the excess. There’s no tax owed from either of you and except for the gifttax form the gift is not reported on your returns.