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mps924 · Oct 5, 2007, 06:19 PM

I recently received a gift from a family member in the amount of $20,000.00. It wasn't technically an inheritance, because the money from the sale of the house of the deceased went ot her and she wrote a check to us. So it was a gift. What should I know before depositing it into my account? Since it was a gift, will I have to file it?

RichardBondMan · Oct 5, 2007, 06:24 PM

I am not an accountant or tax atty but I believe the gift is tax free to you but may cost her if she is single. Perhaps an acct or tax atty can answer.

AtlantaTaxExpert · Oct 5, 2007, 10:58 PM

YOU owe no taxes.

SHE may owe some gift tax, but NOT likely, as she can access the Unified Credit to avoid paying a gift tax. However, she will haveto file a gift tax return to properly account for the gift. Any competent CPA, tax accountant or enrolled agent can handle a gift tax return.