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Subject:  Re: WISDOM PLEASE Date:  6/5/2001  5:57 PM
Author:  psas Number:  30081 of 88498

If you hide your mothers' money, who will be paying the bills at the Nursing Home? Welfare? Your plan might be considered to be fraud. Or at least immoral. The Government might disallow the Welfare due to the Gifting.
To answer your question, you would need to pay Gift Tax on $13000 of the $23000 in the year that you receive the gift, and you would pay income tax on the $2400 per year at your normal rate.
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