What is the name of your state? NY
My elderly father is getting a large cash gift from a wealthy very elderly aunt. Both live in NY state. From what I can see any federal tax would be paid by the aunt. I do not know if there is a NY state gift tax or not.
Problem- My father is low income and has a Medicare supplement that is based on his income. He does not want the cash gift to affect his Medicare supplement so he wants to give the cash to me and my brother now.
1) Will accepting the cash gift affect my fathers Medicare supplement if he immediately writes my brother and I a check for the amount and gives it away.
2) Will my father have to pay a gift tax on the money once he gives it to us. His Aunt has just paid the tax.
3) I live in VA. Will I have to claim the cash as income or pay taxes to my state or the federal government?
Any suggestions on how this can best be handled would be greatly appreciated.
My elderly father is getting a large cash gift from a wealthy very elderly aunt. Both live in NY state. From what I can see any federal tax would be paid by the aunt. I do not know if there is a NY state gift tax or not.
Problem- My father is low income and has a Medicare supplement that is based on his income. He does not want the cash gift to affect his Medicare supplement so he wants to give the cash to me and my brother now.
1) Will accepting the cash gift affect my fathers Medicare supplement if he immediately writes my brother and I a check for the amount and gives it away.
2) Will my father have to pay a gift tax on the money once he gives it to us. His Aunt has just paid the tax.
3) I live in VA. Will I have to claim the cash as income or pay taxes to my state or the federal government?
Any suggestions on how this can best be handled would be greatly appreciated.