Question
taxes on a check to someone?
Hypothetically speaking, let's say I was to give my mother a cashier's check that came from my bank account. If that check was as big as say.. three million dollars, hypothetically speaking, what kind of taxes would she owe the IRS for that check?
4 weeks ago - 3 answers
Best Answer
Chosen by Asker
None at all, assuming that this was a gift. Gift taxes are paid by the donor, never the recipient. You, on the other hand, would owe a pretty substantial gift tax, on the order of $780,000 or so. Additionally this would wipe out the unified exclusion on your estate, so your Estate Tax exclusion would drop by $1,000,000 which could significantly increase the tax that your estate would pay when you died.
4 weeks ago
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Other Answers
She wouldn't owe anything. You would likely owe gift taxes. The amount would depend on how much else you have given her in the past. No matter what, you would have to file Form 709 by April 15th in the year following the gift. I hope this helps. Gary
by garyg7- 4 weeks ago
She wouldn't owe any taxes on it. You would though - a gift tax.
by Judy- 4 weeks ago