Taxation help

[rockman 0]

I gifted 50000 usd.

Now how much tax would she need to pay?

[aaron2020 11,651]

6 minutes ago, rockman said:

I gifted 50000 usd.

Now how much tax would she need to pay?

Ok.  This is not a simple matter.  

 

Why are you gifting this money to your mom?  For what purpose?  Is she sponsoring someone?

 

Are you a US citizen or resident?

 

What is your mother's status?

 

The recipient of a gift has zero tax liability.

The tax consequences to the gift maker depends on citizenship and residency.  Whether you need to report to the gift to the IRS depends on those facts.  Gifts exceeding $15,000 are counted against the estate tax exclusion.  
 

Also understand that this gift may disqualify your mother (if she is a USC or LPR) of certain Social Security and Medicare benefits for years to come.

 

If you can gift $50,000, then you can afford to go to a certified public accountant for a tax consultation.  

Edited December 13, 2018 by aaron2020