Lindsey M. asked
My dad gave me $21,000 to build a steel building on our property, and he also put $50,000 in a savings account under my name only for future nursing home expenses. I was told I have to pay a large amount in taxes. What are the tax implications of these gifts?
February 3rd, 2024
Catherine P. answered
The $21,000 and $50,000 gifted to you by your dad are subject to gift tax rules, not income tax. Her...
February 3rd, 2024
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