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My dad's set to receive an inheritance around $30,000. He does not want this $ given to his name. My aunt (executor) is putting in my name. Who is taxed? Is this a gift?
If my aunt is the executor, can she put the $ in my name instead of my dad's without it being considered a gift? If it is a gift, who does the tax liability fall on?!
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My dad's set to receive an inheritance around $30,000. He does not want this $ given to his name. My aunt (executor) is putting in my name. Who is taxed? Is this a gift?
Inheritance is not taxable. And if your dad is an heir, it is best that the money is paid to him.
He does not have to report anything on his tax return.
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My dad's set to receive an inheritance around $30,000. He does not want this $ given to his name. My aunt (executor) is putting in my name. Who is taxed? Is this a gift?
My dad cannot have it put in his name for multiple reasons. My aunts attorney said that she can put it in whoever namenshe wants to but she seems to think that this will be considered a gift. I am trying to figure out whether it will be or not, and if so, is it taxable?
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My dad's set to receive an inheritance around $30,000. He does not want this $ given to his name. My aunt (executor) is putting in my name. Who is taxed? Is this a gift?
If the attorney considers that it is a gift from your father, then that gift is not taxable for you and you do not have to report it on your tax return.
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