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Cash gift tax question

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gifttax

Junior Member
What is the name of your state? Washington.

My Grandmother passed away a few months ago and left her estate to my dad and my aunt. My dad decided to give my sister and I $10000 each per year out of his inheritance. How will I be taxed on this gift? Is it just considered income and could possibly bump me into another tax bracket or is there some other tax as well?
 


FlyingRon

Senior Member
There are no tax issues for you. The donor pays the gift tax, and there is currently a $12,000 annual exclusion.
 

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