If they gift you cash, then they wouldn’t owe any additional current taxes unless they sold stock shares to get the cash.This would not be in stocks and would be a check written to my wife and I in cashDo they plan to gift cash or stocks? If the stocks are LTCG, that will be taxed to the individual/couple that sell them, in the year they are sold. As above the gift itself has no tax consequences. Even if they were to gift you $10M, there would not be any tax consequences, just a form to file to count that against their estate exclusion.
The requirements regarding the IRS don’t change for cash vs. stock shares.
Statistics: Posted by delamer — Fri Aug 16, 2024 1:13 pm — Replies 7 — Views 316