If I am given allot of money as a gift, do I have to pay taxes?

Question

my father in law is trying to get rid of some of his  money so we don't have to pay as much inheritance tax after he passes.

Answer

People can get into trouble for giving you legal advice without a license. You can ask a tax preparer, or a banker, or you can call an IRS office and they will read the law to you. (No advice, only read the law.)

If I am given allot of money as a gift, do I have to pay taxes?

Answers (1)