• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

income taxes

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

tdiller1956

Junior Member
What is the name of your state? NY

Hi, I'm new here. I have a tax question.

My mother received an insurance settlement of $45,000 from an auto accident. She gave it to me in an account opened in my name. Is this money and any interest considered income for state and federal taxes? What are the tax implications for my mother?

Thanks,
 


abezon

Senior Member
Money, no. Interest, yes. No income or taxes for mom, however she needs to file a gift tax return to report the gift.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top