Join Date: May 2006
Location: Esto Perpetua
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I am getting conflicting information on this so I am wondering if anyone has BTDT. My dad passed away recently and he had my brother and I on an insurance policy through his work. We will each be receiving a little over 10K so I am wondering if this will be counted as income or if it will be taxed by the state/fed? My brother and I reside in different states so I'm not sure it that will make a difference.
Im also not sure what I will be doing with the money but I don't want to tie it up in anything long-term. Will it be ok sitting in a savings account or should I be putting it somewhere a bit safer?
Amber SAHM Fiber Artist Mom to:
Maddison (9): Arwen (8): Finn (4): Aedan (2)
|No tax payable by the person receiving your gift or bequest. Generally, the person who receives your gift or your bequest will not have to pay any federal gift tax or estate tax because of it. Also, that person will not have to pay income tax on the value of the gift or inheritance received. However, covered gifts or bequests received from expatriates after June 16, 2008, may be subject to tax. Consult your tax adviser for more information.|
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