Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 8:41:12 PM

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?

0 1 259
1 Replies
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.