Your long-lost Great Aunt died recently with no children. You receive a call informing you that you will inherit $100,000. Your mother would also like to gift you an additional $50,000 out of her portion of the inheritance. Discuss the tax issues surrounding the inheritance and the gift from mom. Remember in your analysis that you are married. What should Mom do to be tax efficient?

Answer rating: 100% (QA)

Inheritances are generally not considered taxable income by the recipient Therefore the 100000 inher... View the full answer