What is the name of your state? Ohio
My father recently passed away. My mother has received a generous amount of money from his retirement fund as well as insurance policies. To try to help my brother and I with our financial situations she decided to give us each a gift of $20,000. After receiving said gift I was informed by someone that we would have to pay a gift tax and unearned income tax. Is this correct? How much will each of us be liable for?
My father recently passed away. My mother has received a generous amount of money from his retirement fund as well as insurance policies. To try to help my brother and I with our financial situations she decided to give us each a gift of $20,000. After receiving said gift I was informed by someone that we would have to pay a gift tax and unearned income tax. Is this correct? How much will each of us be liable for?