Can anyone suggest a good CPA

[prince143]

I have a gift tax related question where a relative is gifting me large amount.

1) Should he be immediate family to give me a gift? because he is not.

2) Do I need to get a gift letter from him so that there are no further complications as I plan to use that money for down payment.

3) Since the amount is large(>17k) are there any tax implications here?

4) If I need to reach a professional do I need to reach a tax lawyer or a CPA?

[jadugar]

CPA should be enough to guide you on this.

[SaradaChinnodu]

35 minutes ago, prince143 said:

I have a gift tax related question where a relative is gifting me large amount.

1) Should he be immediate family to give me a gift? because he is not.

2) Do I need to get a gift letter from him so that there are no further complications as I plan to use that money for down payment.

3) Since the amount is large(>17k) are there any tax implications here?

4) If I need to reach a professional do I need to reach a tax lawyer or a CPA?

Are you getting this from someone living in India?

[prince143]

20 minutes ago, SaradaChinnodu said:

Are you getting this from someone living in India?

No. Its in US

[Vaaaampire]

Do u plan to return it to them or never?

 

for loan downpayment, you need to get gift letter from them.

for tax purposes, if u planning to return them in future, lite thisuko. Irs audit vesina money borrow chesukunna ani cheppochu.

[prince143]

34 minutes ago, Vaaaampire said:

Do u plan to return it to them or never?

 

for loan downpayment, you need to get gift letter from them.

for tax purposes, if u planning to return them in future, lite thisuko. Irs audit vesina money borrow chesukunna ani cheppochu.

No, Its a one way transaction. Yes, I will take a gift letter but are you aware of any tax implications?

As per this, taxes only apply after the lifetime tax limit is reached.

https://www.nerdwallet.com/article/taxes/gift-tax-rate

[vithanda_vadhi]

1 hour ago, prince143 said:

I have a gift tax related question where a relative is gifting me large amount.

1) Should he be immediate family to give me a gift? because he is not.

2) Do I need to get a gift letter from him so that there are no further complications as I plan to use that money for down payment.

3) Since the amount is large(>17k) are there any tax implications here?

4) If I need to reach a professional do I need to reach a tax lawyer or a CPA?

Only tax implication is they need to declare the gift amount towards lifetime limit. Lifetime limit is pretty high (~12 millions).

[prince143]

5 hours ago, jadugar said:

CPA should be enough to guide you on this.

Can you suggest a good CPA?