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My mother had paid for funeral expenses for my late father. I wanted to cover all the expenses, so I transferred $22,000 from my bank account to her bank account. Is there any tax implication for this transaction?


The BIDaWIZ Team's Answer:

No, that would not be considered a taxable event as the amount is below the lifetime gift tax exemption of $5.35 million. However, it is above the $14,000 annual gift tax exemption for single filers. As such, you would need to file form 709 if the balance of $8,000 is treated as a gift. This is referenced in IRC Section 2503 and IRS Publication 950.

The BIDaWIZ Team



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