QUESTION
IN NYS if a father leaves a daughter $50,000 after a closing on his condo- how can taxes be avoided for the daughter?
Asked on Jul 07th, 2016 on Real Estate - New York
More details to this question:
There is NOT a good relationship between daughter and father. Father just closed on his condo (IN NYS) 7/5....he wants to give $50,000 of that money to his daughter. Does the daughter have to pay tax on that money? what is the best way to handle that situation?
1 ANSWER
1 Award
It depends whether the payment was made at the closing, by giving her social security number to the bank writing checks, or by you after the closing. If by you, then no. She should not have to pay taxes, as this was a gift.
Answered on Jul 09th, 2016 at 8:06 AM