Gift or payback

[needofhelpinNJ]

What is the name of your state?
New Jersey- My Ex-husband owes money for credit card bills from when we were married. The problem is it was my mother's account with my name too. We have a child together who has been adopted by my current husband. He (my ex) has a lawsuit going from being hurt on the job. He should be getting quite a bit of money since he has had 10 and due for another surgery soon. He is now telling me that he wants to give money to me, my daughter and my husband. For me is payback from what I have put out (not only the credit card, but supporting my child for 5 years without him-yes child suport was granted at $294.00 a month but he still owes on that-$10,000 in 2 years for nursary school in order for me to work etc), my husband for "helping" me before the adoption was final and to my daughter-I guess for guilt. Now here is the big problem. He is talking about $50-75,000. This is good...but, I don't want to have to pay taxes on this money. He said that he would send it to me and I could dispurse it how ever I thought would be ok. I told him that I don't want to end up paying taxes on it and that he should have it given to the people in their names. Now if I don't take it all at once, it won't be on the table again. I doubt he will actually follow through with giving it "payday" hasn't come from 7 years ago. So now, for the credit card. Can he have a money order or something that can be written out to the company itself and not any of our names? If so would this still be considered a "gift" to us? Would this also be included in the $11,000 per year allowed? Is this really considered a gift or payback?! No, no notes or anything..he was my husband at the time and I thought I could trust him. That is a total other story. Thank you...
really wanting our money back and in "needofhelpinNJ".

[Snipes5]

The money isn't taxable to you, whether he gives you $5, $5,000, or $5m. No tax consequence for you. At all.

If he gives you more than $11,000 in a single calendar year, he will have to file a gift return, though he won't have to actually pay tax. His problem on that one though, I wouldn't even worry about it.

Take the money, say thank you, and have a nice time with it.

Snipes

[needofhelpinNJ]

Once again you have put my mind at ease!!!!!!!!!! This is a great thing to hear and now I can have it all put in my name and then give to the people that are owed and then have money set aside for at least part of her schooling. Thank you very much...
not needing help anymore in NJ!!!!!!! (or shall I say I hope not..)