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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121182  
Subject: Estate Distributions Taxable as Gifts? Date: 4/6/2013 10:36 AM
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Sis is the executrix of Dad's estate, unfortunately willing to seek professional guidance regardless of our encouragement, so please bear with me. Dad died in 12/2011 and his estate is not yet settled. However, in 2012 she issued checks totally around $35,000 to each of the siblings, feeling that there was no need to keep it all intact while the estate settled. She has kept a significant amount still in the accounts in order to deal with bills, taxes, etc.

Since she issued those checks in 2012, and we are now in 2013 with the estate not yet settled, is there gift tax to pay? Does that come from the individual or the estate?

TIA,

IP
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