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Old 12-28-2016, 01:22 PM
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Gift of 130 thousand given by parent

I had recently received a inheritance gift of two checks - one for 30 thousand and one for 99 thousand dollars.

Will I be taxed on it if I deposit it in the bank.
I want to invest it quickly but want to put it in the bank for a short time.

Please advise, thank you


Last edited by elangeveld : 12-28-2016 at 01:55 PM.


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Old 12-28-2016, 05:11 PM
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Join Date: Oct 2010
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Quote:
Originally Posted by elangeveld View Post

Will I be taxed on it if I deposit it in the bank.
I want to invest it quickly but want to put it in the bank for a short time.
No not at all as a donee you donot pay any tax on your gifts of $129K
; the donor(s) need to file form 709



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