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    handymanquick's Avatar
    handymanquick Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 6, 2009, 07:18 AM
    Accepting a cd from parents
    :eek:i'm receiving a cd from my parents who have one that has matured and needs to be taken out on tuesday the 7th of july. It is about 10k . What is the best way to accept it.
    Thanks,
    Armand
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Jul 6, 2009, 07:20 AM

    Where? (typing in caps is the same as shouting, by the way).
    handymanquick's Avatar
    handymanquick Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jul 6, 2009, 07:33 AM
    How should I accept a CD from a parent as a gift?
    I live in North Texas, my parents are in their 70's and are starting to divide up several of their cd's and giving them as gifts to each of their children. The one that I am receiving is approximately 10k and will need to be accepted by Tuesday ,July 7th of this year. Tomorrow.
    What is the best way accept it.
    88sunflower's Avatar
    88sunflower Posts: 1,207, Reputation: 462
    Ultra Member
    		  
    #4

    Jul 6, 2009, 07:35 AM
    With a smile, a big thank you and I love you guys.
    Maybe a nice dinner.

    Is this what your asking?
    88sunflower's Avatar
    88sunflower Posts: 1,207, Reputation: 462
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    #5

    Jul 6, 2009, 07:36 AM
    You already have a thread started for this question.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Jul 6, 2009, 09:45 AM
    Since this being posted on a tax forum, I assume you are asking what are the tax ramifications?

    The answer is that there is NO tax ramification. The amount (about $10K) is well below the annual gift limit of $13,000 per giver for the federal gift taxes.

    Since the money IS a gift, no federal income taxes are due.

    Texas has NO state income tax and (I believe) no state GIFT tax, so you are good to go from a state tax point of view.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #7

    Jul 6, 2009, 09:46 AM
    Redundant question (as noted above); see my answer on the other thread.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #8

    Jul 6, 2009, 10:34 AM

    Threads merged and question answered.

    For future reference, please do not create multiple threads for the same question.
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