Legal Question in Wills and Trusts in Massachusetts
How much can you receive as a gift in Massachusetts without having to report it on your taxes? If someone received about $21,000 cash (check) as a gift from their deceased grandmother's estate, would she have to pay taxes or report this money in anyone on her tax return in Massachusetts?
2 Answers from Attorneys
Any tax that would be paid would be paid by the estate. In MA an estate has to pay an estate tax if the estate is over 1 million dollars.
I am assuming this is an inheritance not a gift. Therefore there would be no tax to declare by you at either the Federal or State level. If it is really a gift, unless it is a net gift, meaning you pay the gift tax, the person making the gift has to declare the gift and pay any applicable gift tax. So again you would not have to declare the gift or pay the tax.
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