Tax Question...

[dg39]

If I deposit approx. 140,000.00 in my account, will I get killed with taxes. I know the answer will be a big YES, but does anyone know any way to avoid it. I'll be speaking with my accountant soon, and I'm just curious to know now. TIA...

 

[KathyTX]

Depends... where did the 140,000 come from, and what kind of account are you putting it in?

 

[dg39]

Sorry, should have explained alittle further......Its a gift and I was going to deposit it in my savings account.....TIA...

 

[Free4Life11]

http://www.irs.gov/newsroom/article/0,,id=107815,00.html

Gift Giving


Tax Tip 2005-39, Feb. 24, 2005

If you gave any one person gifts valued at more than $11,000, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift.

The person who received your gift does not have to report the gift to the IRS or pay either gift or income tax on its value.

You make a gift when you give property, including money, or the use of or income from property, without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.

 

[msdznyduck]

You can deposit it in my account.........I'll be happy to pay the tax.

 

[sweet angel]

You can deposit it in my account.........I'll be happy to pay the tax.

Me too!

 

[dbarker]

No, you do not pay taxes on it. However, the person / estate that gave it to you will have to pay taxes. You are very smart in seeking the advice of a CPA.

 

[Dan Murphy]

.....the person / estate that gave it to you will have to pay taxes. You are very smart in seeking the advice of a CPA.

Not necessarily will pay tax, but rather reduce the amount of Federal Estate/Gift tax exemption. And yes, an accountant is your correct source of guidance.

(not be be taken as tax advice)