tax on gift

[pb744]

What is the name of your state? Florida

My ex-husband has offered to give me money to buy a home in which to raise our five grandchildren. I have legal custody of these children. Will I need to pay tax on this money as though it was regular income? What would the % be?

 

[Pub590]

Gifts are generally not taxable to the receiver. If the amount is over $12,000, it may be taxed to the giver.

 

[LdiJ]

What is the name of your state? Florida

My ex-husband has offered to give me money to buy a home in which to raise our five grandchildren. I have legal custody of these children. Will I need to pay tax on this money as though it was regular income? What would the % be?

There will be no tax to you. Your ex-husband will have to file a gift tax return and if he is over his lifetime exclusion for gifting (currently 1 million) he would have to pay some gift tax.