yoopermom
Come join Bravo by the fire...
- Joined
- Sep 27, 2000
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- 4,409
To this point I've always done my taxes using Turbotax and keep track of our personal expenses and DH's business expenses using Quickbooks, but...
My DGM died last month and left DS18 and I each 12K. Each was in a separate CD in her name and the inheritor's payable upon her death. Since we live far away, her bank sent us the paperwork to have notarized to release the $$, plus a tax form to fill out.
Now my question is, who do I ask the following of:
Concerning DS's inheritance...
1)He's never filed taxes before, but will he have to now that he has this "income" for the year? (This will most likely be his only income for the yr)
2)Because FAFSA expects the student to contribute a larger percentage towards their college than the parents, we were told prior to this to keep as much in our names and out of his as possible. Therefore should we have him "gift" this 12K to me and, if so does it change the answer to #1?
His is *definately* going towards his education, there's no question on that. We just want to minimize the tax and financial aid implications. So do I pay an accountant for a consult, just call the IRS, or what??
TIA!
Terri
My DGM died last month and left DS18 and I each 12K. Each was in a separate CD in her name and the inheritor's payable upon her death. Since we live far away, her bank sent us the paperwork to have notarized to release the $$, plus a tax form to fill out.
Now my question is, who do I ask the following of:
Concerning DS's inheritance...
1)He's never filed taxes before, but will he have to now that he has this "income" for the year? (This will most likely be his only income for the yr)
2)Because FAFSA expects the student to contribute a larger percentage towards their college than the parents, we were told prior to this to keep as much in our names and out of his as possible. Therefore should we have him "gift" this 12K to me and, if so does it change the answer to #1?
His is *definately* going towards his education, there's no question on that. We just want to minimize the tax and financial aid implications. So do I pay an accountant for a consult, just call the IRS, or what??
TIA!
Terri