Gifting money to relative

[Sryinex]

What is the name of your state (only U.S. law)? Tennessee

I had a question regarding the gift tax, I've read about the 13k a year limit on non-taxable gifts, however I would be on the receiving end of approximately 100k. I am trying to figure out how to get this money without being taxed, and without having the one who is gifting me this money be taxed for it. Would it be possible to just open a joint account and place the money in there? Or would it somehow still be counted as income and therefore be taxable by law.

Thanks for any help.

 

[tranquility]

The $13k limit has to do with reportable gifts, not taxable. If the gift is from a single person and over the limit, it must be reported to the government. It will not be taxed unless the donor exceeds his lifetime limit. This usually gets more into an estate tax or basis issue rather than a tax paid on the gift issue.