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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You don’t have to pay taxes. Your parent has a $14MM lifetime exclusion on money they give to you and it doesn’t matter if it’s when they are living or you inherit. Also, you can gift another $18k per year that doesn’t impact the exclusion above.[/quote] This isn’t technically true. If this is a payment for service as OP describes, it would be taxable income to OP. That said, call it a gift and there are no tax ramifications. [/quote] Correct…I mean I doubt there is a service contract in place for payment.[/quote]
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