blixet
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Location: Southern California
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As the gift recipient, you do not have to worry about any taxes. Your father, on the other hand, may need to report it. An individual can give up to $14,000 annually to each of an unlimited amount of individuals and be exempt from the gift tax provisions. If he is married, the two of them can gift $28,000 to you. If you are married as well, then they as a couple can give $56,000 to you as a couple. So whether or not he needs to report it depends. In any event, the gift tax is not assessed until he passes and the estate tax issues are settled, if any.
Information is more valuable sold than used – Fischer Black
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Wed Jan 21, 2015 4:06 pm |
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CrisAdams
New Member
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Joined: 16 Jan 2015
Location: 3503 Jack Northrop Ave Hawthorne, CA 90250 USA
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Who pays the gift tax? The donor is generally responsible for paying the gift tax. Under special arrangements the person receiving the gift may agree to pay the tax instead. You should probably visit your tax professional if you are considering this type of arrangement.
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Mon Jan 26, 2015 4:33 pm |
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workingmonkey
Member
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Joined: 12 Jan 2015
Location: Los Angeles
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I finally have my 30K in a Fidelity cash core account. I just need to put in the right investment. Someone mentioned S&P500 and leaving it there for 30 years? What is the right Fidelity product to do this? If not, what other ideas can people suggest?
Thanks.
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Thu Jan 29, 2015 8:23 pm |
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oldguy
Senior Member
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Joined: 21 May 2006
Location: arizona
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I've used their FUSVX SP500 Index Fund since Hector was a pup, no problems. 
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Thu Jan 29, 2015 9:02 pm |
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workingmonkey
Member
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Joined: 12 Jan 2015
Location: Los Angeles
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Ok oldguy. This is done. It wasn't easy to do but I guess it's good for the long haul. 
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Fri Jan 30, 2015 6:47 pm |
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oldguy
Senior Member
Cash: $ 751.85
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Joined: 21 May 2006
Location: arizona
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Fri Jan 30, 2015 7:01 pm |
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Holly
First Time Poster
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Location: Berlin
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quote:
OTOH, that is exactly the thinking that causes lottery winners (& other lump sum recipients) to be broke in an average of 7 years. Ie, they are unable to manage the lump sum, they scatter it to "good ideas" - pay off the car, pay off the house, pay off mom's house, yada - and then invest that last $5k or $10k for "their future", lol.
If you want to grow $30k into $660k in 30 yrs, then you need the whole $30k.
Very good point. There numerous examples of the winners tossing the money around and ending up in misery. (like here Localotto ) Sound financial advice and diligent approach to the issue. Good luck with the investments.
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Thu Oct 29, 2015 8:23 am |
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littleroc02us
Moderator
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[quote="Holly"] quote:
Very good point. There numerous examples of the winners tossing the money around and ending up in misery. (like here Localotto ) Sound financial advice and diligent approach to the issue. Good luck with the investments.
Can you help me spot the numerous examples of the winners tossing around money and ending up in misery on your link "localotto?". I'm not seeing them, all I'm seeing is advertisements of all the available lotteries.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Oct 29, 2015 3:26 pm |
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