Charles G
 |
It is a gift, no tax due for you.
For grandma, it is under her 12,000 annual exclusion, so no tax due for her.
She has to give you quite a lot for her to pay gift taxes. |
|
Bob F
 |
Neither of you will have to pay taxes on it. Anybody can give anybody else a gift of up to $12K per year without even reporting it, let alone paying taxes on it. |
|
NHMike
 |
She will have to pay tax on the withdrawal from her IRA since the deposits were probably made on a tax-deferred basis. There is no Gift Tax filing required since the transfer to you fall under the annual limit of $12,000. |
|
bostonianinmo
|
The recipient of a gift (that's you) never pays taxes on it. Since it's less than $12,000 she does not have to file a Gift Tax return herself. |
|
Ba12348
 |
its 10000 or under so no taxes will be charged |
|
MrMojo1
|
You won't pay taxes since it'll be considered a gift which is nontaxable to recipient.
Your grandmother may have to pay income taxes on the IRA withdrawal when she took out that money from her IRA before she put it into the MMA (money market account). Generally, IRA distributions are subject to income taxes upon withdrawal.
FYI... since she'll likely pay income taxes on the $10,000, the net amount will obviously be less than $10,000 when she puts it into the MMA so she would have to make up the difference with other sources of income that she has available.
She won't pay any gift taxes since it's less than the $12,000 annual exclusion.
|
|
travelguruette
|
10k is under the limit so will be ok |
|
Arthur R
|
You owe no taxes, because it's a gift.
She owes no gift taxes on it, if she hasn't given you any significant gifts this year, because of the $12,000 annual exclusion
She probably owes income tax on the withdrawal from the IRA. |
|
Jss
|
1. The receiver of the gift does not pay any tax.
2. Your grandma does not pay any gift tax or file gift tax return as the amount is less than $12,000.
Read http://taxipay.blogspot.com/2008/03/us-gift-tax.html |
|
Dee Y
|
Neither of you have to pay taxes it was a gift that's under $12000. |
|
betotron don
|
see or call your CPA to be sure of your tax issues |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
