What is the name of your state? Calif.
I would like to give some money to my brother and daughter. I won the money and have to pay fed and state tax on it. I want to give each one $500,000. If I have to pay gift tax, the money would be taxes 2 times.
Thank You for any help
I would like to give some money to my brother and daughter. I won the money and have to pay fed and state tax on it. I want to give each one $500,000. If I have to pay gift tax, the money would be taxes 2 times.
Thank You for any help