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Inheritance/gift tax
We live in California and my mother in law lives in Canada. She is giving us $78,000, (she is still alive) and we will lose a certain amount because of the currency exchange but my question is what taxes if any will we have to pay... federal? State? What can we do to minimize any taxes?
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The receiver of the gift does not pay any federal income tax in the U.S. and also there is no CA tax.
Only if your mother in law is a U.S. citizen or resident, then she must file gift tax return, even she may not owe any gift tax. Read this Your U.S. Tax Return: The U.S. Gift Tax |
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