Q: is there any way to give sibling a portion of the money i received & only be taxed on what I kept?
My recently deceased father was due a social security disability payment of $44,000 at time of death. all together his 3 children each received apprx $14,666. but 2 of us want to give $5,900 each to our sister that paid his expenses & took care of him Is there any way to give her this money without being taxed on the full amount of $14,666
Yes, there are provisions for gifts in the tax code that speak to this. I think the amounts are enumerated in IRS §2503
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