S
satyricon
Guest
What is the name of your state? MA
a) My mother gifted me $11,000 last year
b) She will gift me $11,000 this year
c) She and my sister live in NY, I live in MA
Questions:
a) My sister wishes me, and other siblings, to gift back to her $11,000 each, so that the money can be pooled, and invested for my mother (there are no issues regarding trusting her in this matter, that is not an issue, and the money is intended for my mother's care)
Is this allowable ??? I can "regift" this money to my sister ??? Is this just a separate gift from me to her of $11,000 ???
b) Can I gift the $11,000 from LAST year to my sister, and the $11,000 from THIS to her husband, all in the same calendar year ????
c) Is there someplace on my 1040 that I am supposed to be showing, either the money I received, or gifted out, even if there is no tax liability ???
Thanks
a) My mother gifted me $11,000 last year
b) She will gift me $11,000 this year
c) She and my sister live in NY, I live in MA
Questions:
a) My sister wishes me, and other siblings, to gift back to her $11,000 each, so that the money can be pooled, and invested for my mother (there are no issues regarding trusting her in this matter, that is not an issue, and the money is intended for my mother's care)
Is this allowable ??? I can "regift" this money to my sister ??? Is this just a separate gift from me to her of $11,000 ???
b) Can I gift the $11,000 from LAST year to my sister, and the $11,000 from THIS to her husband, all in the same calendar year ????
c) Is there someplace on my 1040 that I am supposed to be showing, either the money I received, or gifted out, even if there is no tax liability ???
Thanks