gift tax
my mom will be recieving $50,000 for sale of house, if she gifts that money to me will I be responcible for paying taxes on that money
Asked on 9/22/08, 12:40 pm
1 Answer from Attorneys
David TenBrook
Law Offices of David S. TenBrook, P.A.
Re: gift tax
As to any federal gift tax, the general rule is that the person receiving the gift is not responsible for paying any gift tax (unless the person giving the gift owes tax on it and fails to pay).
As a matter of state tax law, you'll need to get a response from an Ohio attorney.
Good luck.
Answered on 9/22/08, 2:22 pm
Related Questions & Answers
-
Non filing of tax returns My husband is the owner of a business. It is not a... Asked 7/02/08, 12:59 pm in United States Ohio Tax and Taxation Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
