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| *Loan,banking and credit>>>child tax |
MY child received a gift of $100,000.00, do we file this on our taxes if its invested? |
MY child received a gift of $100,000.00, do we file this on our taxes if its invested? The gift itself is not taxable income. Any earnings on it will be taxed to you as a kiddie tax on Form 8615 if it is over 1,700. You don't. Gifts are taxable to the donor, not the recipient. If you invest it you will have to pay taxes on the income that it generates. No - It's a gift! Besides, you said that your child received it. Gift taxes might apply though but that involves the estate of the giver. The very first answer sounds good. But wow, can I be your child's best friend!! :-) |
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