Kristin W. asked
My father died overseas and left a small life insurance. My brother would like to give us some of the money using the tax-free exception to me and my wife (bank-wire). Both of us are in the same savings/checking account. Can we receive $28000 (14,000 p/p) tax-free, and if so, would the same account be a violation? Would this gift offset other benefits such as IRA contributions and tax bracket position?
November 29th, 2024
Jennifer M. answered
Recipients of gifts are not subject to gift tax, and there should be no gift tax due from the donor....
November 29th, 2024
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