My grandmother wants to give me a large sum of money (at least what I consider large), of about $12,000 as a gift to help me buy a home. She said it's what she was going to give me in her will, but that I can have it if I need it. I just wanted to ask a couple questions:
1. Would I have to declare it on my tax return? If so, as income?
2. Will I have to pay taxes on it?
3. What would I pay in taxes if I inherited it instead?
She said the gift won't hurt her financially, so I am considering accepting her offer.
1. Would I have to declare it on my tax return? If so, as income?
2. Will I have to pay taxes on it?
3. What would I pay in taxes if I inherited it instead?
She said the gift won't hurt her financially, so I am considering accepting her offer.
Federal Taxes: Do You Have to Pay Taxes on a High Value Cash Gift
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