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?
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?