My father is giving me and my two sisters a 10,000.00 gift.My two sisters are on SSI and can’t have large sums of money in their account,so I’m going to end up depositing 30,000.00 into my bank account, and give them money when they need it.Will I need to pay taxes on it?
I think your father would need to pay your sisters who would then pay you to avoid taxes. If your father pays you $30,000 in one lump sum, there are tax consequences (not sure if it’s for you or your father or both). Alternatively, your father can pay you 10,000 per year for 3 years which you can then split with your sisters.
I think your father would need to pay your sisters who would then pay you to avoid taxes. If your father pays you $30,000 in one lump sum, there are tax consequences (not sure if it’s for you or your father or both). Alternatively, your father can pay you 10,000 per year for 3 years which you can then split with your sisters.
I think your father would need to pay your sisters who would then pay you to avoid taxes. If your father pays you $30,000 in one lump sum, there are tax consequences (not sure if it’s for you or your father or both). Alternatively, your father can pay you 10,000 per year for 3 years which you can then split with your sisters.
I think your father would need to pay your sisters who would then pay you to avoid taxes. If your father pays you $30,000 in one lump sum, there are tax consequences (not sure if it’s for you or your father or both). Alternatively, your father can pay you 10,000 per year for 3 years which you can then split with your sisters.
