Quote:
Originally Posted by BobC
Darren,
By the way, the short, quick answer to your direct question is - YES!
California does not have a gift tax, nor an estate tax. So only federal taxes would come into play in your case. And whomever you gift something to, or leave to them as an inheritance, will never have to be burdened with a federal gift or estate tax. If there should possibly end up being either of these federal taxes ever due, they are the responsibility and to be paid by the person giving the gift, or the estate of the person that passed away. The recipients of a gift/inheritance are not personally responsible for any federal gift or estate taxes.
But simply gifting your collection to a loved one may not be the most appropriate or advantageous thing to do for your family.
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Bob appreciate your answers to tax questions where precision and detail are important.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/
He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Last edited by Peter_Spaeth; 04-27-2022 at 11:36 AM.
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