Gifted money received
A dear friend passed away & she give me a large amount of money. About $80,000 . I haven’t checked the checks yet, but the Trust Co wants me to. Will I have to pay taxes on this or can I invest it to get around it. I spoke to one financial advisor told me that I didn’t have to pay tax on this, but I am not sure that right. I’m just not sure what to do. Please help me.
Terry Says
It’s a gift. You have no obligation to report it or to pay taxes.
Now, just don’t spend it all in one place!
In fact, if you want to put it someplace safe where it will return at least 4%, read this:
https://www.terrysavage.com/t-bills-beat-cds-2/
