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My father left me 120,000,can I give it to my wife to avoid taxes on it?

  1. profile image47
    eric i dont knowposted 7 years ago

    My father left me 120,000,can I give it to my wife to avoid taxes on it?

  2. duffsmom profile image61
    duffsmomposted 7 years ago

    Not if you are in the US. You will have to pay taxes on it one way or the other.  Get a good accountant and see what can be done to shelter it.

  3. michalc profile image57
    michalcposted 7 years ago

    You should ask about it you some acountant. Taxes are rather slippery subject so don't believe what you will see in the internet. Just ask people who know the subject well enough to be competent.

  4. Mark C Middleton profile image61
    Mark C Middletonposted 7 years ago

    As the beneficiary in an estate, you do not report the inheritance on your income tax return, it is not taxable.  Any income taxes are paid by the estate if any are due.  If you are a residual beneficiary you will recieve a form K-1 from the estate that would report any income or deductions related to managing the estate, if any.

    Although not really related considering my answer, if you do have taxable income the transfer of that income to your wife would not avoid reporting and paying taxes on taxable income.

 
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