Simi Valley, CA asked in Estate Planning, Tax Law, Banking and Probate for California
My Uncle is 97 and intends to gift me a large amount in physical 'hard' cash either now or as an inheritance upon passing. He is admirable to whichever is more advisable. I desire to avoid a bank account freeze or other legal nonsense upon depositing of said funds i.e. 'fiat' currency. Please advise. Thnx for your assistance.
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Nina Whitehurst 
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- Estate Planning Lawyer
- Crossville, TN
- Licensed inCalifornia
- (931) 250-8585
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A:Ask him to buy gold with the cash and then give the gold to you. He should report the gift to the IRS and provide you with a copy of the gift tax return. That will help you establish your basis in the gold.
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- Estate Planning Lawyer
- Monterey, CA
- Licensed inCalifornia
- (831) 275-1002
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A:There are many different ways to accomplish your objectives and each way has different tax implications. Depending on the amount a person wants to give away, he could give a gift of up to $17,000 (in 2023) per year without taxes. The recipient does not need to be a relative. But, if a person gives someone more than that amount in gifts in a year — including birthday, Christmas, graduation and all other gifts given that year — then the person giving the gift must file a gift tax return even if no gift tax is due. The money could also be given through a trust or will, depending on the giver’s estate plan. Have your uncle contact his estate planning lawyer to get more specific tax information tailored to his circ*mstances.
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James L. Arrasmith Lawyers, want to be a Justia Connect Pro too? Learn more ›
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- Estate Planning Lawyer
- Sacramento, CA
- Licensed inCalifornia
- (916) 704-3009
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A:Under federal law, large cash gifts are allowed, but be aware of IRS gift tax rules. Banks will report cash deposits over $10,000, so it's wise to notify your bank before making a large deposit. Ensure you have documentation regarding the origin of the gift to address any future inquiries.
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